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
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