Former top securities official accused of accepting bribes
Print Edition
THE vice chairman of the China Securities Regulatory Commission, Yao Gang, has been expelled from the Communist Party and dismissed from public office for various wrongdoings, including graft, it was announced yesterday.
Yao, 55, abused his power to seek benefits for others and accepted “a huge amount” of bribes, according to a statement from the Central Commission for Discipline Inspection.
Investigators allege that Yao took advantage of his post to help others or companies in order to raise his standing in the eyes of influential political figures, obstructed investigations, and failed to report his personal information in accordance with rules, the commission’s statement said.
Yao, as a senior Party official, had “sabotaged the order of the capital market and the political ecology of securities supervision,” it said.
Yao’s illegal gains will be confiscated and his case will be handed over to prosecutors, it added.
The commission announced an investigation into Yao in November 2015.
Meanwhile, Wu Tianjun, a former senior Party official in central China’s Henan Province, admitted accepting bribes when he appeared for trial at the Xiangyang Intermediate People’s Court in neighboring Hubei Province.
Wu, a former member of the standing committee of the Party’s Henan Provincial Committee, accepted money and valuables worth more than 11.05 million yuan (US$1.64 million) personally or through others between 2004 and 2015.
Prosecutors said Wu, who was also a former head of the committee’s commission for political and legal affairs, also took advantage of his positions to help others with business operations and promotions.
A verdict will be announced later.
A total of 210,000 people were punished for violating the Party’s code of conduct in the first half of the year.
Among the punished officials, 38 were at provincial or ministerial level, more than 1,000 were at the prefecture level, and over 8,400 at county level while 129,000 others were from rural areas and enterprises.
Last year, 415,000 people were disciplined for violations.
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