What’s new: Cai Esheng, a former vice chairman of the now-defunct China Banking Regulatory Commission (CBRC), has been sentenced to death with a two-year reprieve for taking more than 517 million yuan ($80 million in 2021) in bribes and for abusing his power, a court announced on Friday.
The punishment will be commuted to life in prison if the septuagenarian commits no further crimes during the two-year reprieve. Cai will spend the rest of his life in prison with no possibility of parole or a reduction in his sentence, the court in Zhenjiang city in the eastern province of Jiangsu ruled.
Cai, who admitted his crimes and returned his illegal gains, was fined 5 million yuan, according to the announcement.
The background: Cai fell under investigation in July 2021, eight years after he retired from the CBRC.
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. He was also a member of the CBRC’s Communist Party committee.
From 2006 to 2021, Cai took advantage of his positions and his influence after he retired to help individuals and organizations obtain financing, business contracts, and job promotions, as well as to facilitate equity transfers, among other things. His corrupt activities earned him more than 517 million yuan in bribes, according to the court announcement.
Before joining the CBRC, Cai worked for the central bank for around two decades.
Contact reporter Zhang Yukun (yukunzhang@caixin.com) and editor Nerys Avery (nerysavery@caixin.com)
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