China’s top financial sector official arrested for bribery after 8 years in retirement

Top Chinese finance official arrested

One of ChinaChina’s top financial sector officials have been arrested on suspicion of accepting bribes and abusing their power, according to a statement released by China’s Supreme People’s Procuratorate on Thursday.

Cai Esheng, a former senior official of the China Banking Regulatory Commission (CBRC), was arrested by the Supreme People’s Procuratorate on corruption charges. Earlier in January, he was also expelled from the chinese communist partyreports The world times.

Cai served as Vice Chairman of the CBRC from 2005 to 2013 and he is charged with corruption after 8 years of retirement.

Central Commission for Discipline Control (CCDI), a discipline regulator, said Cai broke the law and violated party disciplines. After suspicions grew, the CCDI opened an investigation into the matter.

In the survey results, the CCDI used very harsh language. The findings reveal that Cai abused his financial regulatory power, disrupted the order of financial markets and severely corrupted the political ecosystem of the financial sector, The Global Times reported.

Notably, China is cracking down on those involved in such crimes and this is a key development as this time the arrest involves the name of a very high ranking official. The country is determined to fight corruption involved in the financial sector.

In addition, a number of senior financial government officials have recently been investigated and expelled from the party.

According to The Global Times, the list includes the former deputy head of China Development Bankin Hainan, Xu Weihua, and the former deputy director of the People’s Bank of China branch in Fujian, Lin Chuanwei

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