Top Banking Regulator Under Investigation for Corruption
One of the senior-most figures in China’s Banking Regulatory Commission is under investigation for his involvement with a Bank of Communications corruption scandal.
On 23 May the official website for China’s central disciplinary commission revealed that former CBRC assistant-chairman Yang Jiacai was under investigation by the authorities for severe disciplinary breaches.
On the evening of the same day, Yang’s name was removed from the list of senior leadership figures on CBRC’s official website.
The corruption case involving Yang first became a matter of public interest in mid-April, when The Beijing News reported his conspicuous absence from official press events, and journalists were unable to obtain consistent reasons for this from CBRC.
It was subsequently reported that 56 year-old Hubei native Yang was under investigation for his association with Yang Dongping, the chief risk officer for Bank of Communications who had been placed under investigation earlier this year over his involvement in a real-estate loan scandal.
Both Yangs are believed to have first crossed paths while working in Hubei province, where Yang Jiacai spent his entire career prior to assuming the position of head of the Anhui province branch of CBRC, and reportedly share a “very good relationship.”