China’s top anti-corruption agency says the country’s former insurance regulator has been expelled from the ruling Communist Party and turned over to prosecutors to face criminal charges.
A weekend statement by the Central Commission for Discipline Inspection says Xiang Junbo is accused of taking bribes and other offenses.
Xiang, who was dismissed as chairman of the China Insurance Regulatory Commission, is the highest-ranking figure in Chinese financial industries to face charges in a marathon anti-graft campaign led by President Xi Jinping.
Xiang, 60, is a former chairman of state-owned Agricultural Bank of China Ltd., one of the country’s top four commercial lenders, and a member of the ruling party’s 376-member Central Committee.
Related:
- China’s Graft-Buster Is Front Runner to Head Insurance Watchdog: Sources
- China Probes More Officials at Nation’s Insurance Regulator: Sources
- China’s Anbang Denies Accusation It Lied About Finances
- China’s Probe of Regulatory Chief Won’t Slow Insurers’ Overseas M&A: Opinion
- Chairman of China’s Insurance Regulator Investigated for ‘Severe’ Violations
- China Regulator Puts Brakes on Insurers’ 3-Year, $100-Billion Buying Spree
- China Regulator Urges Insurers to Avoid ‘Reckless’ Offshore Investments: Report
- China Regulator Proposes Insurer Ownership Limits to Curb Risky Investments
Was this article valuable?
Here are more articles you may enjoy.
Law Restricts Her From Reducing ‘Excessive’ $91M Injured Worker Award, Judge Finds 
CBIZ Brokerage to Be Spun Off, Backed by Private Equity, After $5B Grant Thornton Deal 
Allstate Q2 Net Income Jumps 56% on Underwriting 
Pritzker Signs Bills Giving Insurance Department Power to Overturn Rate Changes 
