What’s new: Cai Esheng, a former vice chairman and Communist Party committee member of the now-defunct China Banking Regulatory Commission (CBRC), has been expelled from the party for serious law and disciplinary violations including bribery, the country’s top anti-graft agency announced in a Monday statement.
Cai took bribes and in return helped others get financing and promotions, the Central Commission for Discipline Inspection said. He abused his power and severely disrupted the order of the financial market, it said.
The background: Cai fell under investigation in July last year, eight years after he retired. Born in 1951, he served as a vice chairman of the CBRC from 2005 to 2013, where he was in charge of supervising the trust industry.
Before joining the CBRC, Cai worked for the central bank for around two decades.
Related: Former Senior Banking Regulator Probed by Graft Buster
Contact reporter Tang Ziyi (ziyitang@caixin.com) and editor Joshua Dummer (joshuadummer@caixin.com)
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