Former regulator sentenced for bribery
Print Edition
The former chief of China’s insurance regulator was sentenced to 11 years in prison and fined 1.5 million yuan (US$212,876) on bribery charges yesterday at a court in Changzhou City in east China’s Jiangsu Province.
Xiang Junbo, 63, former chairman of the China Insurance Regulatory Commission, said in court he would obey the judgment and wouldn’t appeal.
Xiang stood trial two years ago.
The prosecutors at the time said between 2005 and 2017, Xiang, taking advantage of the power of his posts as senior official of the People’s Bank of China, the Agricultural Bank of China and CIRC, offered to illegally help some organizations and individuals with project contracting, case handling, loan issuance, qualification reviews and personnel promotion.
In return, he accepted money or gifts worth more than 18.6 million yuan directly or through his associate Yang Guang, who the indictment described as a “person of specific relation.”
The bribes he accepted will be recovered and turned over to state coffers. Since Xiang took the initiative to surrender all the facts related to his bribery crimes that officials didn’t uncover, he was not heavily penalized, the Changzhou Intermediate People’s Court said yesterday.
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