Former Chinese insurance regulator pleads guilty to accepting $3m in bribes
Beijing — The former head of China’s insurance regulator pleaded guilty to accepting 19-million yuan ($3m) in bribes at his trial in eastern Jiangsu province on Thursday, state media said. Xiang Junbo admitted to taking bribes directly and through an associate and "showed repentance" at Changzhou intermediate people’s court, the state-run Xinhua news agency reported. The court has not yet issued its verdict. The most senior financial regulator to be targeted in President Xi Jinping’s ongoing corruption crackdown, Xiang was accused of taking advantage of his official positions from 2005 to 2017. He allegedly provided assistance in project contracting, approvals, loan issuance, and other tasks in exchange for compensation. Xiang was appointed to the top job at the regulatory commission in 2011, following stints as deputy governor of the central bank and head of the state-owned Agricultural Bank of China. He was put under investigation in April last year by the Communist Party’s anti-c...
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