China to prosecute former senior banking regulator for graft

Reuters
Yang Jiacai, once assistant chairman of the China Banking Regulatory Commission (CBRC), was formally sacked in June, after having been put under investigation in May.
Reuters

Yang Jiacai at a press conference in Beijing, China, March 2, 2017.

China will prosecute a former senior official of its banking regulator for corruption, the ruling Communist Party's anti-graft regulator said on Tuesday, as the country broadens a campaign against wrongdoing in its financial sector.

Yang Jiacai, once assistant chairman of the China Banking Regulatory Commission (CBRC), was formally sacked in June, after having been put under investigation in May.

The investigation by the Central Commission for Discipline Inspection found Yang had abused his position to help others with promotions and help his son's business, besides taking bribes, the commission said in a short statement.

Yang "damaged the political ecology of the financial system and market order and harmed the image of the banking regulator", it added.

His illicit gains will be confiscated and he will be handed over to the judicial authorities, it said, meaning that he will be prosecuted.

Yang, 56, is a native of the central province of Hubei who served for six years at the central bank before moving in 2003 to the banking regulator. Between 2007 and 2012, Yang was its director of bank supervision.

In April, China's top insurance regulator was removed from his position for suspected serious disciplinary violations.

Other senior executives targeted in China's anti-graft crackdown include Wang Yincheng, vice chairman of state-owned People's Insurance Group of China, who was put under investigation for suspected corruption in February.


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