China’s top anti-corruption agency says the country’s former insurance regulator has been expelled from the ruling Communist Party and turned over to prosecutors to face criminal charges.
A weekend statement by the Central Commission for Discipline Inspection says Xiang Junbo is accused of taking bribes and other offenses.
Xiang, who was dismissed as chairman of the China Insurance Regulatory Commission, is the highest-ranking figure in Chinese financial industries to face charges in a marathon anti-graft campaign led by President Xi Jinping.
Xiang, 60, is a former chairman of state-owned Agricultural Bank of China Ltd., one of the country’s top four commercial lenders, and a member of the ruling party’s 376-member Central Committee.
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- Chairman of China’s Insurance Regulator Investigated for ‘Severe’ Violations
- China Regulator Puts Brakes on Insurers’ 3-Year, $100-Billion Buying Spree
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