Ex-head of China’s Insurance Regulator Investigated for “Trading Power for Money and Sex”

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Xiang Junbo, the former head of the China Insurance Regulatory Commission, has been officially expelled from both his government position and the Communist Party of China for “trading power for money and sex.”

According to state media┬áthe Central Commission for Discipline Inspection has placed 60 year-old Chongqing native Xiang under immediate investigation for severe violation of political disciplinary requirements and “seeking personal political gain, abusing examination and approval power and regulatory power, resisting organised investigations, engaging in superstitious activity…accepting dinner invitations in breach of regulations [and] breaching organisational discipline.”

Xiang also stands accused of bribery and “accepting assets [to] provide assistance when recruiting employees and promoting professional cadres…trading power for money and power for sex…[and] using the convenience afforded by his professional position to receive a huge volume of assets to serve the interests of other parties.”

In addition to serving as chairman and party secretary of CIRC, Xiang Junbo was also a member of the 18th CPC central committee which was elected by the National Congress in November 2012.

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