CIRC ex-chief pleads guilty to bribery
XIANG Junbo, former chairman of the China Insurance Regulatory Commission, pleaded guilty to accepting 19 million yuan (US$3 million) in bribes at his trial in Changzhou, eastern Jiangsu Province, yesterday.
Prosecutors said that between 2005 and 2017, Xiang, taking advantage of his position as a senior official of the People’s Bank of China, the Agricultural Bank of China, and then CIRC, offered to illegally help some organizations and individuals with project contracts, handling cases, loan issuance, qualification reviews, and promotion of personnel.
In return, he accepted money or gifts worth over 19.4 million yuan directly or through his associate Yang Guang, whom the indictment described as a “person of specific relation.”
During the trial, prosecutors presented evidence which Xiang and his defense attorneys examined.
In his final statement, Xiang pleaded guilty and expressed repentance.
More than 60 people, including lawmakers, political advisers, and members of the public, attended the trial.
The court ruling will be announced at a later date.