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Corruption in China

Ex-assistant chairman of China’s banking regulator gets 16 years in prison for corruption, state media says

Former assistant chairman of China Banking Regulatory Commission found guilty of accepting bribes of US$3.4 million

PUBLISHED : Friday, 27 July, 2018, 12:13pm
UPDATED : Friday, 27 July, 2018, 12:13pm

The former assistant chairman of China’s banking regulator has been sentenced to 16 years in prison for accepting bribes, state media said on Thursday, as the Chinese government clamps down on corruption.

Yang Jiacai, former assistant chairman of the then China Banking Regulatory Commission (CBRC), was found guilty of accepting bribes of about 23 million yuan (US$3.4 million), according to an online report by the official Securities Times.

The report cited the Puyang Intermediate People’s Court in central China’s Henan province, which was not immediately available for comment on Thursday.

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The CBRC was merged with the insurance regulator earlier this year to form the China Banking and Insurance Regulatory Commission.

Earlier on Thursday, Su Shulin, the former chairman of China’s state-owned oil company Sinopec Corp, was also sentenced to 16 years in prison for corruption, state media reported, citing the Shanghai Second Intermediate Court.