Ex-banking regulator facing graft charges
Print Edition
A FORMER senior official with the banking regulator is facing corruption charges, the Central Commission for Discipline Inspection said yesterday, as China broadens a campaign against wrongdoing in the financial sector.
Yang Jiacai, once assistant chairman of the China Banking Regulatory Commission, was sacked in June, after having been placed under investigation in May.
Yang had abused his position to help others with promotions and to 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, meaning he will be prosecuted.
Yang, 56, a native of the central province of Hubei, served at the central bank for six years before moving to the banking regulator in 2003.
Between 2007 and 2012, he was director of bank supervision.
In April, the chairman of China’s insurance regulator, Xiang Junbo, was removed from his post over suspected serious disciplinary violations.
Other senior executives targeted in China’s anti-graft crackdown include Wang Yincheng, vice chairman of People’s Insurance Group of China. He was investigated for suspected corruption in February.
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