A retired senior official from China’s top banking authority has been placed under arrest over bribery allegations.
The Supreme People’s Procuratorate announced on 10 February that Cai Esheng (蔡鄂生), formerly a deputy-chair and party committee member with the China Banking Regulatory Commission (CBRC) (currently the China Banking and Insurance Regulatory Commission) had been arrested and placed under investigation.
Cai is alleged to have “used influence to accept bribes and abused professional authority.”
According to official sources Cai was first placed under investigation by the Chinese Communist Party’s Central Commission for Discipline Inspection in July 2021 – 8 years following his retirement, with the investigation wrapping up on 24 January of this year.
The Central Commission used unusually harsh wording to describe Cai’s actions, stating that he had “undergone thorough metamorphosis in political terms,” as well as “severely disrupted the financial market order and severely polluted the political ecosystem of the financial sphere.”
Cai also stands accused of “shameless and flagrant [conduct],” “engaging in profligate power and money transactions,” “failing to heed the law and discipline” and “retiring without withdrawing.”
