Caixin
Jul 30, 2021 08:50 PM
FINANCE

Former Senior Banking Regulator Probed by Graft Buster

What’s new: Cai Esheng, a former vice chairman and Communist Party committee member of the now-defunct China Banking Regulatory Commission (CBRC), has been put under investigation by the country’s top anti-corruption watchdog, according to a statement (link in Chinese) released Friday.

Cai is under suspicion for “serious violations of (party) discipline and laws,” a common euphemism for corruption, according to the party’s Central Commission for Discipline Inspection, which did not offer details.

About Cai: Born in 1951, Cai stepped down from the senior CBRC position in 2013 after nearly eight years. He was in charge of supervising nonbank financial institutions, including trust firms. Before joining, he had worked for China’s central bank for about two decades.

In 2018, the CBRC merged with the country’s insurance regulator to form the China Banking and Insurance Regulatory Commission.

Quick Takes are condensed versions of China-related stories for fast news you can use. To read the full Caixin article in Chinese, click here.

Related: Trust Regulator Cai Esheng ‘to Step Down’s

Contact reporter Luo Meihan (meihanluo@caixin.com) and editor Michael Bellart (michaelbellart@caixin.com)

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