Flies and Tigers | 抓蝇打虎
Top CBRC official in graft probe
Print Edition
A SENIOR official at the China Banking Regulatory Commission is under investigation for suspected links to a loan scandal, according to financial magazine Caixin, citing sources close to the matter.
Yang Jiacai, assistant chairman of the CBRC, has been under investigation since April 9 in connection with the scandal in Hubei Province, Caixin said late on Saturday, following days of online rumors that Yang had gone missing.
On the same day, China’s graft watchdog also announced an investigation into the chairman of the country’s insurance regulator, Xiang Junbo, the most senior financial regulator so far to be investigated as part of the government’s graft campaign.
On Friday, Caixin said Yang had been relieved of his duties, citing people with knowledge of the matter.
Yang’s last public appearance was on April 7, when he spoke at a news conference about new risk control guidelines for lenders as part of efforts to contain risks from a rapid build-up in debt.
Yang and his wife and son were all placed under investigation due to their suspected involvement in a loan scandal in Hubei, Yang’s home province, Caixin said.
Yang spent most of his career in Hubei and was deputy head of the central bank’s Wuhan branch in Hubei from 1997 to 2003, according to his official profile.
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