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China's former insurance regulator charged with bribery

AFP  |  Beijing 

The former of China's regulatory body has been formally charged with and abuse of power, prosecutors said TOday, becoming the most senior to be targeted in a continuing crackdown on

Xiang Junbo, 61, took advantage of his position to amass "an enormous amount of assets" first as a of the central bank, then as of the state-owned Agricultural of China, and finally as of the Regulatory Commission, the Supreme People's Procuratorate said in a statement.

Xiang was appointed to the top job at the regulatory commission in 2011.

He was put under investigation in April last year by the Communist Party's anti-graft watchdog for suspected "serious disciplinary violations", a phrase that usually refers to graft. Xiang, who also served as a member of the central bank's monetary policy committee, was removed from his position immediately after the investigation began.

Xiang's case has been handed over to the prosecutor's office in the eastern city of Changzhou, the statement said. Xiang's stint as of the regulator marked a period of rapid growth for the industry as he pushed for the liberalisation of investment rules, which allowed Chinese insurers to invest more of their assets at home and abroad.

But this led to regulatory headaches after several high-profile cases in which insurance companies used their financial holdings to fund risky acquisitions in and unlisted equities.

The and the Regulatory Commission was replaced by a and after a major restructuring of government agencies in March.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, April 16 2018. 18:55 IST