What’s new: Qin Huizhong, formerly a senior inspector at the Hainan office of the China Banking and Insurance Regulatory Commission (CBIRC), has been expelled from the Communist Party and removed from public office for alleged legal and party disciplinary violations.
Qin’s alleged wrongdoings included taking bribes, maintaining “improper sexual relationships,” and playing golf during work hours with people the financial watchdog regulated, the country’s top anti-graft agency said on Monday.
Investigations by corruption watchdogs revealed that Qin had abused his power for financial gains, meddled with personnel arrangements of regulatory agencies, accepted gifts and dinner invitations that might have affected the fair execution of his duties, and tried to cover up his suspected crimes by signing fake contracts and loan receipts, the agency said.
Qin frequently fraternized with people his office supervised as well as law-breaking business owners, while indulging in activities such as drinking and golf, according to the agency.
The background: Qin, 56, spent his entire career in the financial regulatory system. He joined the People’s Bank of China (PBOC) at 22, and worked there for 14 years. He later held different positions in the Guangdong and Hainan offices of the China Banking Regulatory Commission, a predecessor of the CBIRC, and the Hainan office of the CBIRC.
The probe into Qin was announced by authorities in July 2022, adding him to the list of local financial regulators caught up in graft investigations. This included Li Huanting, who had overseen village banks in Central China’s Henan province, and Li Bing, who had worked at the Zhuhai branch of the PBOC.
Related: Graft Investigators Target Regulatory Official Linked to Henan Bank Scandal
Contact reporter Zhang Yukun (yukunzhang@caixin.com) and editor Bertrand Teo (bertrandteo@caixin.com)
Get our weekly free Must-Read newsletter.
