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Deputy chief of CSRC given the sack
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THE deputy chief of China’s top securities regulator has been sacked, the government said yesterday, a month after he was put under investigation and as probes into the financial sector deepen.
Yao Gang, vice chairman of the China Securities Regulatory Commission, who was first suspected of “severe disciplinary violations” in November, was “dismissed” from his post, China’s State Council, or Cabinet, said in a statement on its website.
Disciplinary violation normally refers to graft.
China has launched investigations into the financial sector after a debt-fuelled stock market bubble burst in the summer in a rout that wiped out trillions of dollars in market capitalization.
Another top CSRC official, assistant chairman Zhang Yujun, was removed from his post in late September on similar accusations.
Several brokerages and executives have also come under suspicion.
After investigating, the Communist Party can punish alleged offending officials internally or expel them and send then to courts for trial.
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