The former assistant chair of the erstwhile China Banking Regulatory Commission (CBRC) has received a 16 year sentence for receiving bribes, according to reports from state-owned media.
Yang Jiacai, formerly the assistant chairman of CBRC prior to its merger with the insurance regulator, was found guilty by Puyang Intermediate People’s Court in Henan province of receiving bribes worth around 23 million yuan (approx. USD$3.4 million) according to a report from the state-run Securities Times.
Reports first emerged in April 2017 that Yang had been placed under investigation for his involvement with a loan scandal in the Hubei province capital of Wuhan.
The scandal saw the fall from grace of Yang Dongping, previously the chief risk officer at big five state-owned lender Bank of Communications.
Senior Chinese Banking Official Investigated for Involvement in Loan Scandal