BEIJING — A corruption case against China’s former insurance regulator, the highest-ranking figure in Chinese finance to be snared in a marathon anti-graft crackdown, has been handed over to prosecutors, the country’s anti-corruption agency says. Xiang Junbo is accused of accepting “huge amounts of money” in bribes and other offences, the Central Commission for Discipline Inspection said in a weekend statement. It said he was expelled from the ruling Communist Party, where he had been a member of the 376-member Central Committee. The insurance industry has been hit by complaints insurers are engaged in reckless speculation in stocks and real estate. Regulators have said one of their goals this year is to fortify supervision of securities and insurance to reduce financial risks.

Source: National Post September 25, 2017 03:46 UTC