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Former securities regulator charged with graft
By Li Xinran |
02:01 UTC+8 February 4, 2009
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Print Edition
Print Edition
WANG Yi, the former vice chairman of China's top securities regulator and vice president of China Development Bank, has been arrested on bribery and other corruption charges.
China's chief prosecutors issued an arrest warrant for Wang on January 22, more than six months after he was put under "double-designation" status, the People's Daily reported on its Website yesterday. The phrase refers to Communist Party officials who have been ordered to explain or confess their alleged involvement in a disciplinary violation or corruption case within a designated period at a designated place.
A well-informed source quoted the Party's discipline and inspection department that Wang was involved in taking bribes, issuing bank loans to entrepreneurs engaged in illegal activities, and offering improper aid to enterprises listing on the stock markets on Chinese mainland, the newspaper said.
It quoted unnamed official sources as saying that Wang had confessed to accepting bribes exceeding 10 million yuan (US$1.45 million).
Wang, 53, was also accused of leading an "immoral" life, according to the same sources, which did not provide details.
Wang and Wei Dong, the former chairman of the Changsha-based financial powerhouse Yongjin Group, were placed under surveillance in April, according to the news report. Wei died on April 29 when he jumped from his 17th-floor Beijing apartment.
Wang was named vice chairman of the China Securities Regulatory Commission when he was 39. He was in charge of share offerings and fund management companies during his tenure at the commission from November 1995 to February 1999, when he moved to his new post at China Development Bank.
From 1992 to 1995 he was deputy director in the securities office of the State Council, China's Cabinet. Wang also served as a secretary to Bo Yibo, a former vice premier who died in 2007.
Wang was also an amateur musician. His best-known work - a symphony titled "Ode to the Divine Land" - has been performed about 30 times in Beijing, Shenzhen and several other Chinese cities.
China's chief prosecutors issued an arrest warrant for Wang on January 22, more than six months after he was put under "double-designation" status, the People's Daily reported on its Website yesterday. The phrase refers to Communist Party officials who have been ordered to explain or confess their alleged involvement in a disciplinary violation or corruption case within a designated period at a designated place.
A well-informed source quoted the Party's discipline and inspection department that Wang was involved in taking bribes, issuing bank loans to entrepreneurs engaged in illegal activities, and offering improper aid to enterprises listing on the stock markets on Chinese mainland, the newspaper said.
It quoted unnamed official sources as saying that Wang had confessed to accepting bribes exceeding 10 million yuan (US$1.45 million).
Wang, 53, was also accused of leading an "immoral" life, according to the same sources, which did not provide details.
Wang and Wei Dong, the former chairman of the Changsha-based financial powerhouse Yongjin Group, were placed under surveillance in April, according to the news report. Wei died on April 29 when he jumped from his 17th-floor Beijing apartment.
Wang was named vice chairman of the China Securities Regulatory Commission when he was 39. He was in charge of share offerings and fund management companies during his tenure at the commission from November 1995 to February 1999, when he moved to his new post at China Development Bank.
From 1992 to 1995 he was deputy director in the securities office of the State Council, China's Cabinet. Wang also served as a secretary to Bo Yibo, a former vice premier who died in 2007.
Wang was also an amateur musician. His best-known work - a symphony titled "Ode to the Divine Land" - has been performed about 30 times in Beijing, Shenzhen and several other Chinese cities.
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