China arrests ex-deputy banking regulator on bribery charges

China arrested a former senior official at the nation’s banking regulator over alleged bribery, adding to a long list of executives and policymakers caught up in the nation’s latest anti-graft crackdown.

Cai Esheng, the former deputy chairman at the banking watchdog who retired in 2013, also faces charges over the abuse of power, The Supreme People’s Procuratorate of the People’s Republic of China said on Thursday.

Cai, who was expelled from China’s ruling Communist Party last month after being placed under a probe in July, is one of the highest ranking financial sector officials ensnared by President Xi Jinping’s multi-year anti-corruption drive.

Born in 1951, Cai was in charge of supervising non-bank financial institutions, including trust firms and bad-debt managers such as China Huarong Asset Management, which received a US$6.6 billion bailout last year. He remained active after retirement and was a frequent speaker at financial forums.

China in October launched a nationwide anti-graft crackdown focused on the financial institutions and regulators, which has since taken down more than 20 officials in the stepped up scrutiny of the nation’s US$54 trillion financial system.