Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

Louis XIV's message for the royal baby

Read more

BUSINESS DAILY

Macron hopes for breakthrough on trade tensions during US visit

Read more

THE DEBATE

Macron meets Trump: A state visit with discord on the horizon?

Read more

ENCORE!

Music show: Mahalia, Ariana Grande & Willie Nelson

Read more

FOCUS

Tramadol: Cameroon’s low-budget opioid crisis

Read more

TALKING EUROPE

EU citizens’ consultations: Macron’s efforts to renew Europe

Read more

THE INTERVIEW

Strengthening ties Down Under: The man charged with promoting Australia in France

Read more

TALKING EUROPE

Jagland: ‘Would be disastrous if Russia pulls out of Council of Europe’

Read more

IN THE PRESS

Much ado about nothing? Actress Natalie Portman's boycott of 'Jewish Nobel awards' sparks backlash

Read more

China's former insurance regulator charged with bribery

© AFP/File | Xiang has now been formally charged with bribery and abuse of power

BEIJING (AFP) - 

The former head of China's insurance regulatory body has been formally charged with bribery and abuse of power, prosecutors said on Monday, becoming the most senior financial regulator to be targeted in a continuing crackdown on corruption.

Xiang Junbo, 61, took advantage of his position to amass "an enormous amount of assets" first as a deputy governor of the central bank, then as head of the state-owned Agricultural Bank of China, and finally as chairman of the China Insurance Regulatory Commission, the Supreme People's Procuratorate said in a statement.

Xiang was appointed to the top job at the regulatory commission in 2011.

He was put under investigation in April last year by the Communist Party's anti-graft watchdog for suspected "serious disciplinary violations", a phrase that usually refers to graft.

Xiang, who also served as a member of the central bank's monetary policy committee, was removed from his position immediately after the investigation began.

Xiang's case has been handed over to the prosecutor's office in the eastern city of Changzhou, the statement said.

Xiang's stint as head of the insurance regulator marked a period of rapid growth for the industry as he pushed for the liberalisation of investment rules, which allowed Chinese insurers to invest more of their assets at home and abroad.

But this led to regulatory headaches after several high-profile cases in which insurance companies used their financial holdings to fund risky acquisitions in real estate and unlisted equities.

The China Insurance Regulatory Commission and the China Banking Regulatory Commission was replaced by a banking and insurance regulatory commission after a major restructuring of government agencies in March.

© 2018 AFP