Mon, Apr 17, 2017 - Page 14 News List

China probing CBRC official: report

ASSET BUBBLES:Yang Jiacai’s last public appearance was on April 7, when he spoke about new risk control guidelines for lenders as part of efforts to contain debt levels

Reuters, BEIJING

A senior official at the China Banking Regulatory Commission (CBRC) is under investigation for suspected links to a loan scandal, the Chinese financial magazine Caixin reported, citing sources close to the matter.

CBRC assistant chairman Yang Jiacai (楊家才) has been under investigation since April 9 in connection with the scandal in Hubei Province, Caixin said on Saturday, following days of rumors circulating online that Yang had gone missing.

The Chinese Central Commission for Discipline Inspection on April 9 also announced an investigation into China Insurance Regulatory Commission (CIRC) Chairman Xiang Junbo (項俊波), the most senior financial regulator to be investigated as part of a government campaign against graft.

Yang could not be reached for comment.

No official announcement of an investigation into him has been made. His name and profile were still accessible on the CBRC’s Web site yesterday

Caixin reported on Friday last week that Yang had been relieved of his duties, citing people with knowledge of the matter.

CBRC did not respond to a faxed request for comment about the investigation on Friday or to a second fax yesterday.

Yang’s last public appearance was on April 7, where he spoke at a news conference about new risk control guidelines for lenders as part of efforts to contain risks from a rapid build-up in debt.

China’s top leaders have pledged to address financial risks and asset bubbles this year.

Chinese President Xi Jinping (習近平) has pledged to wage war on deep seated graft in the Chinese Communist Party until officials at all levels do not dare to be corrupt, warning that a failure to check the rot could threaten the party’s existence.

Yang and his wife and son were all placed under investigation due to their suspected involvement in a loan scandal in Hubei, Yang’s home province, Caixin said.

Yang spent most of his career in Hubei and was deputy head of the central bank’s Wuhan branch from 1997 to 2003, according to his official profile.

According to the article, investigations into the scandal have already led to a number of official probes, including into chief risk officer of China’s Bank of Communications (交通銀行), Yang Dongping (楊東平), who was expelled from the party on Feb. 24.

Yang Jiacai became assistant chairman of the CBRC in 2013.

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