Former CSRC Accounting Head Expelled From Communist Party

What’s new: Wang Zongcheng, former director of the accounting department at the China Securities Regulatory Commission (CSRC), was expelled from the Communists Party and removed from public positions on corruption charges, the country’s anti-graft watchdog said Friday.

The former senior official at the Chinese securities regulator was found to have accepted bribes including banquets, expensive gifts and shopping cards from his supervision targets, the Central Commission for Discipline Inspection (CCDI) said in a statement. In exchange, he provided regulatory information to companies and helped them to cover their risks. He also arranged for his relatives and friends to hold shares of companies for which he provided favors on behalf of himself and set up fraudulent wealth management accounts to cover up the bribes.