Xiang Junbo, the former head of China’s insurance regulator has been sentenced to 11 years in prison two years after he stood trial for taking bribes.
Xiang was also fined CNY1.5m ($212,000), according to Xinhua News Agency reporting on Xiang’s sentencing by the Intermediate People’s Court of Changzhou City.
Xiang accepted money and property worth over CNY18.62m, according to the court. All of his illicit gains have been confiscated and will be turned over to the national treasury, according to the verdict of the court.
The court found that Xiang took undue advantage of multiple posts he had held from 2005 to 2017 and assisted certain organisations and individuals in securing projects, loans, approvals and job promotions.
The court said that it has given a lenient punishment because Xiang had defendant confessed to his crimes and surrendered his illicit gains.
He accepts his sentencing and has pledged not to lodge an appeal against the sentence.
Xiang is one of the most senior officials targeted in President Xi Jinping’s corruption crackdown which started in December 2012, shortly after Mr Xi became leader of the Communist Party. The anti-graft probe , which first targeted provincial-level and central government leaders, eventually shifted to the financial services sector.
Xiang, aged 63, was appointed to the top job at the erstwhile China Insurance Regulatory Commission (CIRC) in 2011, following stints as deputy governor of the central bank and head of the state-owned Agricultural Bank of China.
He came under investigation in April 2017 by the Communist Party’s anti-corruption watchdog for suspected “serious disciplinary violations” — a phrase that usually refers to graft — and was sacked soon after the probe started. He pleaded guilty during a trial held in June 2018.