Yang Jiacai, the former assistant chairman of China’s top banking regulator, has been sentenced to 16 years in prison and fined two million yuan (US$) on corruption charges, The Paper report.
According to the Puyang People’s Procuratorate, from 1998 to 2017, Yang had used the convenience of his positions, including the assistant chairman of the China Banking Regulatory Commission, to ask for and accept bribery directly or via his wife and son. The total amount of bribery he took amounted to 23.09 million yuan.
Meanwhile, Yang also failed to explain the source of 31.16 billion yuan in income, as his property and expenditures clearly exceed the legal income of a civil servant.
As a result, Yang was sentenced to 14 years in prison and fined two million yuan for accepting bribes. He was also convicted of the crime of holding a large number of unidentified sources of property and sentenced five years in prison. The combined sentencing is 16 years.
Yang is the highest ranking banking regulator who has become ensnared in the government’s latest crackdown on financial malfeasance.