China’s Graft Busters Reveal ‘Shocking’ Corruption Among Local Regulators of Failed Baoshang Bank
The cases came to light in the wake of investigations into the collapse of Baoshang Bank which was seized from private conglomerate Tomorrow Holding in May 2019. Photo: IC Photo
China’s top antigraft agency has disclosed details of corruption cases involving five former banking regulators in the Inner Mongolia autonomous region who between them took more than 700 million yuan ($109 million) in bribes, mostly connected with scandal-hit
Baoshang Bank Co. Ltd., a failed local lender taken over by the state in 2019.
The officials, including Xue Jining, a former head of the Inner Mongolia branch of the now-defunct China Banking Regulatory Commission (CBRC), abused their power to seek benefit for those who paid them bribes related to establishing institutions, approving new businesses and loans, project construction and personnel appointments, the Central Commission for Disciplin
CX Daily: Chinese With Rare Diseases Face Painful Predicament Affordable Yet Unavailable Drugs
Medicine /
Xu Kai and her family
smashed 1,000 boxes of tablets used to treat her 8-year-old daughter’s rare genetic disorder.
The latest shipment of the medicine, which Xu had been buying through purchasing agents since her daughter was born, turned out to be fake. Phony pharmaceuticals are just one of the problems that patients and their relatives face trying to get their hands on medicine for treating rare diseases in China.
Many of these drugs are cheap and readily available outside of China, but lagging regulations and the cold logic of the market economy have made them difficult to come by inside the country. The situation has forced people like Xu to turn to an unreliable network of sometimes untrustworthy purchasing agents to buy drugs overseas that they or their loved ones need to lead normal lives.
Retired Bank Regulator Admits Taking $62 Million in Bribes, Court Statement Shows
Xue Jining pleaded guilty to charges that he took $62.1 million in bribes. Photo: The People s Procuratorate of Hohhot
A retired banking regulator in the Inner Mongolia autonomous region admitted taking bribes amounting to more than $60 million in a corruption case with links to Baoshang Bank Co. Ltd., a failed local lender that was taken over by the state in 2019.
Xue Jining, a former head of the Inner Mongolia branch of the now-defunct China Banking Regulatory Commission (CBRC) and a former central bank official, pleaded guilty to charges that he took 400.4 million yuan ($62.1 million) in bribes from 37 individuals and entities from 2002 to 2015, according to
Corporate Governance Key to Risk Control, Banking Regulator Says caixinglobal.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from caixinglobal.com Daily Mail and Mail on Sunday newspapers.
Baoshang Bank Failure Claims Careers of Three More Ex-Regulators
From left to rigth: Chen Zhitao, Song Jianji, Xue Jining
Three retired former banking regulators in North China’s Inner Mongolia autonomous region have been expelled from the Communist Party on suspicion of corruption in connection with Baoshang Bank Co. Ltd., the failed lender undergoing bankruptcy proceedings.
Xue Jining, who was head of the Inner Mongolia branch of the now-defunct China Banking Regulatory Commission (CBRC) from 2007 to 2014 before retiring in 2015, was expelled from the party, according to a
statement (link in Chinese) released by the country’s top antigraft watchdog, the Central Commission for Discipline Inspection, on Monday.