What’s new: Yang Chunlei, an ex-official of the China Securities Regulatory Commission (CSRC), has been expelled from the Communist Party and public office for suspected bribery, according to a statement by the country’s top anti-graft watchdog on Friday.
Yang, former deputy director of the disciplinary inspection office of the CSRC’s party committee, abused her position to seek benefits for others in exchange for “huge amounts” of bribes, the statement said.
Graft busters have decided to transfer the case to prosecutors for further investigation, the statement added.
The background: Yang’s punishment came amid Beijing’s continued crackdown on misconduct in the financial sector to tame risks.
Yang had become a subject of investigation when her husband Cong Lin was put under investigation in September last year, Caixin previously reported.
Cong, former president of Hong Kong-listed investment bank China Renaissance Holdings Ltd., has since gone missing.
After Cong’s fall, Bao Fan, founder and CEO of China Renaissance and one of the most prominent investment bankers in the country, disappeared this February, which was likely related to Cong’s probe, Caixin reported at the time.
Read more In Depth: Hiring of ICBC Veteran Looms Over Disappearance of China Renaissance Founder
Contact reporter Qing Na (qingna@caixin.com) and editor Bertrand Teo (bertrandteo@caixin.com)
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