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.
Xinhua did not say which specific charge or charges Xiang pleaded guilty to, or how much in bribes he admitted to accepting.
Xinhua said Xiang expressed his remorse during the trial, attended by more than 60 people from both political sphere and the media. The court said it will announce the sentence at a later date.
Xiang, a veteran of the Sino-Vietnam War of 1979, was put under Communist Party investigation in April 2017, six years after assuming the helm of the CIRC. His name was removed from the CIRC website a day later, and he was expelled from the Communist Party five months after that. The party’s anti-graft watchdog said he “seriously violated political discipline and political rules.”
The CIRC last year intensified a crackdown on the insurance industry that began in 2016 to rein in institutions’ risky and irregular activities that posed risks to the stability of the financial system. The CIRC has since been absorbed into the newly created China Banking and Insurance Regulatory Commission.
Some voiced sympathy for Xiang after he was investigated as he was considered to have contributed much to the advancement of the insurance industry in China, which was seen as a lagging sector in the Chinese financial market.
Contact reporter Pan Che (firstname.lastname@example.org)
May 27 16:43
May 27 13:27
May 27 12:54
May 26 17:38
May 26 17:03
May 26 12:26
May 26 10:44
May 26 03:26
May 25 17:58
May 25 16:46
May 25 12:39
May 23 06:20
May 21 17:58
May 21 13:02
May 21 11:15
- 1China’s ‘Bat Woman’ Warns Coronavirus Is ‘Just Tip of the Iceberg’
- 2Flying to China Still a Challenge as Authorities Extend Restrictions
- 3New Huawei Sanctions by U.S. Are Less Than Meet the Eye, Lawyers Say
- 4China’s New Outbreak Shows Signs the Virus May Be Changing
- 5Update: China Scraps GDP Growth Target, Boosts Budget Deficit Amid Coronavirus Pandemic
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas