Former assistant to chairman of CBRC was expelled from CPC and dismissed from public office

Almaty. August 2. Silkroadnews – The former assistant to the chairman of the China Banking Regilatory Commission (CBRC) has been expelled from the communist party and dismissed from the public office, Xinhua agency reported.
“Yang Jiacai, former assistant chairman of the China Banking Regulatory Commission (CBRC), has been expelled from the Communist Party of China (CPC) and dismissed from public office for corruption and violating the Party code of conduct”, the report said.
It is noted that authorized by the CPC Central Committee the CPC Central Commission for Discipline Inspection conducted an internal party investigation into Yang Jiacai.
“The investigation found that he had flouted frugality rules by frequenting private clubs, as well as taking advantage of his positions to help his son’s business. He also violated CPC discipline by interfering in promotion of officials and failed to report his personal information in accordance with the rules, the CCDI said. Yang also take advantage of his position to secure interests for others and accepted a huge sum of money and property in return. The statement said that as a former senior official of China's top banking regulator, Yang had seriously violated the Party's code of conduct, disrupted the order of the financial market, and harmed the image of banking regulatory body”, noted in the publication.
The CPC Central Committee approved his expulsion from the Party and the State Council confirmed his removal from public office. All materials, which are the basis for initiating a criminal case, have been transferred to the judicial authorities.
Earlier it was reported that this week China’s Central Bank has found 40 banks in the country in violation of the rules of interbank settlement. Among them there are China Construction Bank, Bank of China, Agricultural Bank of China, China Minsheng Banking Corp, China Merchants Bank, Ping An Bank, Hengfeng Bank, Bank of Nanjing and the Bank of China branch in Shanghai, etc., that are ordered to eliminate violations within three-to six-months period during which they are prohibited to conduct interbank settlements.