Former insurance regulatory commission head charged with taking bribes

BEIJING - Xiang Junbo, former chairman of China Insurance Regulatory Commission, has been charged with taking bribes, the Supreme People's Procuratorate (SPP) said Monday.

The indictment paperwork has been delivered to the Changzhou Intermediate People's Court in East China's Jiangsu province by the Changzhou People's Procuratorate, said the SPP source.

Xiang is accused of taking advantage of his former positions in the People's Bank of China, Agricultural Bank of China, and the China Insurance Regulatory Commission, to seek benefits for others and accept vast sums of money or gifts, according to the SPP.

Under the directive of the SPP, the People's Procuratorate of Jiangsu province transferred Xiang's case to the Changzhou People's Procuratorate after completing the investigation over Xiang.

While interrogating Xiang, the prosecutors informed him of his litigation rights and listened to his lawyer's opinions, the SPP said.

Apart from serving as chairman of the China Insurance Regulatory Commission, Xiang used to work as deputy governor of the People's Bank of China, governor of the Agricultural Bank of China and also chairman of the board of the Agricultural Bank of China Co., Ltd.

The China Insurance Regulatory Commission and the China Banking Regulatory Commission is replaced by a banking and insurance regulatory commission in accordance with the restructuring plan of the State Council announced in March.