Menu Search Facebook Twitter
Search Close
  • Capital Coahuila
  • Capital Hidalgo
  • Capital Jalisco
  • Capital Morelos
  • Capital Oaxaca
  • Capital Puebla
  • Capital Quintana Roo
  • Capital Querétaro
  • Capital Veracruz
  • Capital México
  • Capital Michoacán
  • Capital Mujer
  • Reporte Índigo
  • Estadio Deportes
  • The News
  • Efekto
  • Diario DF
  • Capital Edo. de Méx.
  • Green TV
  • Revista Cambio
Radio Capital
Pirata FM
Capital Máxima
Capital FM
Facebook Twitter
X Welcome! Subscribe to our newsletter and receive news, data, statistical and exclusive promotions for subscribers

Graft Accusations Made Against Chinese Insurance Regulator

Xiang Junbo is accused of accepting "huge amounts of money"

People pass by an electronic stock board of a securities firm in Tokyo, photo: AP/Sherry Zheng
By The News Whatsapp Twitter Facebook Share
4 months ago

BEIJING – A corruption case against China’s former insurance regulator, the highest-ranking figure in Chinese finance to be snared in a marathon anti-graft crackdown, has been handed over to prosecutors, the country’s anti-corruption agency says.

Xiang Junbo is accused of accepting “huge amounts of money” in bribes and other offenses, the Central Commission for Discipline Inspection (CCDI) said in a weekend statement. It said he was expelled from the ruling Communist Party, where he had been a member of the 376-member Central Committee.

Officials and managers at many state companies have been snared in the anti-corruption drive launched by President Xi Jinping after he took power in 2013.

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 former central bank official. He was secretary of the China Insurance Regulatory Commission’s party committee.


The insurance industry has been hit by complaints insurers are engaged in reckless speculation in stocks and real estate. One life insurer has been banned from trading stocks, the chairman of another was barred from the industry and others are under investigation.

Regulators have said one of their goals this year is to fortify supervision of securities and insurance to reduce financial risks.

The CCDI gave no details of the case against Xiang but cited a wide range of offenses including “abuse of approval and supervision,” a possible reference to overlooking misconduct by insurers.

Comments Whatsapp Twitter Facebook Share
More From The News
Latest News

Despite doping scandals, Olympic fever g ...

2 days ago

UAEM consolidates academic and scientifi ...

3 days ago
Latest News

Japan public TV sends mistaken North Kor ...

3 days ago
Latest News

Tillerson warns military action on NK un ...

3 days ago
Most Popular

German Toolmakers Open up Shop in San Mi ...

By The News

Googling Yourself Now Leads to Personal ...

By The News

Airbus could abandon A380 superjumbo ami ...

By Developer

Accord, Navigator, XC60 take top prize a ...

By Developer

Citigroup reports $18.3 billion loss, ca ...

By Developer