Quick Take: Former Insurance Watchdog Head Pleads Guilty at Graft Trial
The former chairman of the China Insurance Regulatory Commission (CIRC) pleaded guilty Thursday as his corruption trial started Thursday in a court in Jiangsu province, the official Xinhua News Agency reported.
Prosecutors said Xiang Junbo took advantage of his positions at the Agricultural Bank of China and the CIRC to offer help to companies and individuals over loan and project approval in exchange for about 19.42 million yuan ($3.03 million) in bribes.
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