Former senior banking regulatory official expelled from CPC for power abuse

BEIJING, Jan. 24 (Xinhua) -- Cai Esheng, former vice chairman of China's top banking regulatory body, has been expelled from the Communist Party of China (CPC) for grave violations of Party discipline and laws, the country's top anti-graft body said in an announcement Monday.

Cai served as deputy head of the former China Banking Regulatory Commission, which has been replaced by a banking and insurance regulatory commission following a cabinet restructuring in 2018.

A recent investigation, conducted by the CPC Central Commission for Discipline Inspection and the National Supervisory Commission, found that Cai has lost his ideals and convictions and betrayed his original aspirations and mission.

According to the investigation, Cai abused his power as a financial regulating official and severely disrupted the financial market. He also accepted invitations to banquets, sightseeing tours and luxurious leisure activities, which may have compromised the fulfillment of his duties.

Cai was also found to have taken advantage of the positions he held and assisted others in matters including loans, project contracting and promotion. In return, he accepted huge amounts of money and valuables.

Cai has severely breached the Party discipline and seriously violated duty-related laws, and is suspected of taking bribes, the announcement read.

In line with Party regulations and relevant laws, a decision has been made to expel him from the Party, deprive him of the remuneration and benefits that go along with his former positions, confiscate his illicit gains, and hand over his case to the procuratorate for further investigation and prosecution, said the announcement.