Four China banking regulators demoted as anti-corruption crackdown on financial sector continues
China's top graft-buster agency has demoted four bank regulators for violating Communist Party rules and procedures in the latest punishment issued to the country's financial sector in President Xi Jinping's three-year anti-corruption campaign.
Wang Yanyou, Communist Party secretary at the China Banking Association and former head of the innovative supervision department at the China Banking Regulatory Commission was removed from his position for concealing the fact that his wife had become a US citizen and for attending conferences without approval, the Central Commission for Discipline Inspection said in an online statement.
Wang was also accused of accepting compensation and treatment beyond the level of his position, the anti-corruption agency said.
Jiang Fengli, the former head of the banking regulator’s office in Nanyang in Henan province was demoted for appointing staff against Communist Party procedure and for taking cash gifts from the department’s staff at his daughter's wedding, according to the statement.
Two other regulators, both working at the banking regulator's office in northern Liaoning province, were demoted respectively for gambling and promoting staff in violation of Communist Party procedure, the anti-graft agency added.
The anti-corruption commission launched its latest round of inspections in October, targeting 14 major financial institutions, including the central bank, banking regulator, insurance regulator, securities regulator, and the Shanghai and Shenzhen stock exchanges.
China's biggest policy and commercial banks, led by the China Development Bank and Industrial and Commercial Bank of China, are also on the list of inspections.