Former banking regulatory official stands trial for graft, abuse of power

NANJING, July 13 (Xinhua) -- Cai Esheng, former vice chairman of the now defunct China Banking Regulatory Commission, stood trial for taking bribes and abuse of power on Thursday at a court in Zhenjiang, east China's Jiangsu Province.

Prosecutors accused Cai of taking advantage of his positions at the commission to seek benefits for others and accepting over 409 million yuan (about 57 million U.S. dollars) worth of money and valuables in return between 2006 and 2021.

He was also accused of abusing the convenience associated with his previous posts to seek benefits for others, accepting over 110 million yuan worth of money and valuables in return between 2018 and 2021.

He was also charged with malpractice for personal gain and abuse of power between 2010 and 2013, which caused huge losses to the public property as well as the interests of the state and the people, according to the indictment.

During the court trial, prosecutors presented their evidence, which the defendant and his lawyers cross-examined.

Cai pleaded guilty and expressed remorse in his final statement.

The verdict will be announced in due course.

The China Banking Regulatory Commission was replaced by the China Banking and Insurance Regulatory Commission following a cabinet restructuring in 2018. Earlier this year, the National Financial Regulatory Administration was formed on the basis of the China Banking and Insurance Regulatory Commission as China's new financial regulator.