Xiang Junbo, a former chairman of the now-defunct China Insurance Regulatory Commission (CIRC), has been sentenced to 11 years behind bars and fined RMB 1.5 million ($211,477) for taking bribes, a court ruled Tuesday, reported Caixin.
From 2005 to 2017, Xiang accepted bribes worth more than RMB 18.6 million in exchange for favors he made by taking advantage of his positions at the CIRC, the country’s central bank and state-owned Agricultural Bank of China, state media cited a court in the eastern province of Jiangsu as saying.
In April 2017, Xiang fell under a graft probe that eventually led to Tuesday’s sentence. The investigation came after a tough crackdown on insurers whose expansion relied heavily on selling high-risk policies allowed by loose rules introduced under Xiang’s watch.