The Chinese Communist Party (CCP) has expelled former China Insurance Regulatory Commission chairman Xiang Junbo (項俊波) and former Chinese Ministry of Finance anti-graft committee leader Mo Jiancheng (莫建成), after the Central Commission for Discipline Inspection (CCDI) said it found serious violations of party discipline.
On its Web site yesterday, the CCDI said an investigation had determined that Xiang had “committed serious violations of political discipline and rules” in order to serve personal political interests.
The statement also said that Xiang was suspected of bribery and accused him of “engaging in superstitious activities,” an allegation often levelled at discredited officials to further tarnish their names.
Chinese President Xi Jinping (習近平) has presided over a far-reaching anti-corruption drive since taking office in 2012, punishing more than 1 million CCP members, jailing top military figures and former Central Political and Legal Affairs Commission secretary Zhou Yongkang (周永康), the most senior official toppled for corruption since 1949.
China’s leadership has this year also pledged to address financial risks and asset bubbles, ahead of the 19th CCP National Congress, which is to start on Oct. 18.
Xiang will be handed over to legal authorities, the statement added, meaning that he will be prosecuted.
Xiang, who also served on the People’s Bank of China’s monetary policy committee, was in April removed from his position for suspected “serious disciplinary violations,” a phrase that usually refers to graft.
He is the most senior financial regulator to be targeted in the Chinese government’s ongoing fight against graft.
As head of the insurance regulator, Xiang oversaw rapid growth in the insurance industry, along with the liberalization of investment rules that provided insurers greater latitude to invest more of their assets at home and overseas.
Xiang was previously a deputy central bank governor and vice chief at the National Audit Office.
Reuters was not able to reach Xiang or a family or legal representative for comment and it was unclear if he has been allowed to retain a lawyer.
Mo, appointed the top graft buster at the finance ministry by the CCDI in December 2015, was also expelled from the party after an investigation found he had “seriously violated the spirit of political discipline,” was suspected of bribery and had accepted numerous invitations to banquets, the CCDI statement said.
Mo was also a member of the ministry’s CCP committee and previously served as deputy party secretary and vice governor of Jiangxi Province.
Reporters were unable to reach Mo, or a family or legal representative, and it was unclear if he has been allowed to retain a lawyer.
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