Xiang Junbo, former chairman of China Insurance Regulatory Commission, has been charged with taking "huge" bribes, the Supreme People's Procuratorate (SPP) said yesterday.
Xiang, the highest ranking financial regulator being investigated for graft to date, is accused of taking advantage of his former positions in the People's Bank of China, Agricultural Bank of China, and the former CIRC, to seek benefits for others and accept vast sums of money or gifts, reports the Xinhua news agency citing the SPP.
The report did not state the monetary value of the alleged bribes, nor name any of the individuals or companies Xiang is accused of having helped.
Under the directive of the SPP, the People's Procuratorate of Jiangsu Province transferred Xiang's case to the Changzhou People's Procuratorate after completing the investigation over Xiang. The case is placed before the Changzhou Intermediate People's Court in east China's Jiangsu Province.
In Xiang's six years at the helm of the CIRC, the size of China’s insurance industry almost tripled, several new insurance licences were issued, and investment channels were widened for insurers.
Apart from having seved as CIRC chairman, Xiang used to be a deputy governor of the People's Bank of China, governor of the Agricultural Bank of China and also chairman of Agricultural Bank of China.
Xiang, now 61, was detained by the authorities last April, stripped of his post as CIRC chairman and expelled from the Communist Party after China's anti-graft watchdog said he had "committed serious violations of political discipline and rules" in order to serve personal political interests. His arrest and indictment in court are part of President Xi Jinping’s five year old campaign to tackle corruption in the country.
Last month, to fill cross sector regulatory gaps, China merged its banking and insurance regulators into the China Banking and Insurance Regulatory Commission.