Formal charges have been filed against Xiang Junbo, the former chairman of the China Insurance Regulatory Commission (CIRC) who was being investigated for corruption allegations, the country’s top prosecutor said.
Xiang, who was the highest-ranked financial official netted by the Chinese government’s anti-corruption drive, was expelled from the ruling Communist Party last year after he was accused of “committing serious violations of political discipline and rules” for personal gain, Reuters reported.
Prior to heading the CIRC, Xiang was chairman of the Agricultural Bank of China, as well as a member of the Communist Party’s Central Committee. He was also part of the People’s Bank of China’s monetary policy committee.
During Xiang’s tenure at CIRC’s helm, the insurance industry was rocked by several controversies, including risky acquisition sprees by insurers such as Anbang. This led to a government crackdown that handed out penalties to both individuals and firms.
Recently, China merged the CIRC and the China Banking Regulatory Commission (CBRC) as part of its efforts to weed out risk in the financial industry, clarify agencies’ responsibilities, and improve cross-regulation capabilities.