BREAKING NEWS

CHINA: High Ranking former official will be prosecuted for corruption

By REUTERS

JULY 21, 2017 03:17

BEIJING - A former vice-chairman of China's securities regulator, Yao Gang, will be prosecuted for serious violations of discipline, the country's graft watchdog said on Thursday.

Yao, who was put under investigation in 2015, will be prosecuted for offenses including taking bribes and "destroying the order of capital markets", the Central Commission for Discipline Inspection (CCDI) said in a statement on its website.

Investigators also allege that he obstructed investigations and failed to report personal information as required, it said, adding that he has been expelled from the Communist Party.

Yao was one of the most senior figures arrested as part of a wider crackdown on suspected stock manipulation in late 2015. The probe came after the Chinese stock market collapsed in mid-2015 following a long bull run.

He has a doctorate in economics and took up the vice-chairman position job in 2008, according to his official resume. From 1999-2002, he served as the general manager of Guotai Junan Securities.

The China Securities Regulatory Commission said in a statement on its website late on Thursday that it firmly supported the central government's decision, which would serve as a warning for others.

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