China sends former insurance regulator Xiang Junbo to 11 years in prison for accepting 18 million yuan in bribes
- Xiang Junbo was sentenced to 11 years in prison, fined 1.5 million yuan, and had his assets confiscated by the Changzhou intermediate court in Jiangsu province,
- Xiang was found guilty of accepting as much as 18 million yuan in bribes between 2005 and 2017
China’s government has sentenced the country’s former insurance regulator to 11 years in jail, after finding him guilty on a charge of accepting bribes in his capacity as a government official.
Xiang Junbo, the former chairman of the China Insurance Regulatory Commission (CIRC) before the industry regulator was merged with the bank supervisory body, was sentenced by the Changzhou Intermediate Court in Jiangsu province, according to a statement. The former official, who also served as deputy governor of the Chinese central bank, was fined 1.5 million yuan and had his assets confiscated.
Xiang, who was fired from his job at CIRC and placed under investigation in April 2017, accepted 18.62 million yuan (US$2.63 million) in bribes between 2005 and 2017, according to the statement.
During that decade, Xiang served as deputy governor of the People’s Bank of China (PBOC), headed the Agricultural Bank of China and sat at the apex of the insurance industry, according to his resume.
