Former senior banking regulatory official faces graft investigation

Source: Xinhua| 2017-09-04 17:34:57|Editor: Liu
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BEIJING, Sept. 4 (Xinhua) -- Yang Jiacai, former assistant chairman of China Banking Regulatory Commission (CBRC), is being investigated for corruption, the Supreme People's Procuratorate (SPP) announced Monday.

Yang has been put under "coercive measures," which may include summons by force, bail, residential surveillance, detention and arrest. The SPP did not specify which measures had been taken.

He was expelled from the Communist Party of China (CPC) and dismissed from public office for multiple offenses, including abuse of power to secure interests for others and accepting a huge sum of money and property in return, the CPC Central Commission for Discipline Inspection (CCDI) said in a statement on August 1.

The CCDI said that as a former senior official of China's top banking regulator, Yang had seriously violated the Party's code of conduct, disrupted the order of the financial market, and harmed the image of banking regulatory body.