China: China probes chief of top insurance regulator for graft

Author(s): UNK | Date: April 10, 2017 | Language: English
Source: http://www.straitstimes.com/ | URL: https://goo.gl/iSRQIU | Type: Text

The head of China’s top insurance regulatory body is being investigated, the country’s anti-corruption watchdog said yesterday in an announcement that could signal problems for some of China’s most powerful companies.
Xiang Junbo is being probed for “suspected serious violation of the Party’s code of conduct”, the Central Commission for Discipline Inspection said in a brief statement on its website.
The phrase is often a euphemism for corruption.
Xiang took the top spot at the China Insurance Regulatory Commission in 2011 after heading the Agricultural Bank of China, one of the biggest state banks.
He is also a member of the central bank’s monetary policy committee.

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