CIRC ex-chief pleads guilty to bribery

Shanghai Daily - - NATION - (Xin­hua)

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.

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