Chinese authorities have arrested a former senior banking regulator on bribery charges, local media reported on Friday.
Cai Esheng, a former vice-chairman of what was formerly the China Banking Regulatory Commission (CBRC), was suspected of taking bribes, using influence to accept bribes and abusing his power, Xinhua reported.
The Supreme People’s Procuratorate detained Cai, who has been transferred to the procuratorial agency for further investigation and prosecution, a statement said. The case is currently being processed.
Cai, who retired in 2013, was expelled from the Communist Party of China for alleged corruption in January.
China’s discipline regulator, the Central Commission for Discipline Inspection (CCDI), has accused Cai of serious violations of law and the party disciplines, according to a CCDI statement.
The CCDI used “very harsh wording” about Cai, Global Times reported. He was said to “have abused his financial regulatory power, disrupted financial market order and seriously corrupted the political ecosystem of the financial sector”, the party’s English-language mouthpiece claimed.
According to the China Vitae database, Cai was born in 1951 and is a native of Hubei province. He graduated from the Shanxi Institute of Finance and Economics in 1982 and held various posts at the People’s Bank of China from 1982 to 1994.
He became vice-chairman of the CBRC, now the China Banking and Insurance Regulatory Commission, in 2005.
- George Russell
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