Business
12:35, 31-Aug-2017
Former deputy chief of China's securities regulator faces legal action
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Former vice chairman of the China Securities Regulatory Commission, Yao Gang, faces legal action on suspicion of taking bribes, the Supreme People's Procuratorate (SPP) said Thursday.
Yao is now subject to "coercive measures" and a full investigation is underway, the SPP announced.
He was expelled from the Communist Party of China (CPC) and dismissed from public office for multiple offenses, including abuse of power to seek benefits for others and accepting "a huge amount" of money in bribes, the CPC Central Commission for Discipline Inspection (CCDI) said in a statement on July 20.
As a senior Party official, Yao has "sabotaged the order of the capital market and the political ecology of securities supervision," the CCDI said.