The former chairman of the Chinese Insurance Regulatory Commission sanctioned for corruption

Xiang Jaubo, the former president of the Chinese Insurance Regulatory Commission (CIRC) has been sentenced to 11 years in prison and fined with 190 000 EUR.

The court has also decided to seize all of his assests. Between 2004 and 2017, the accused held several positions (vice-governor of the Central Bank, president of the Agricultural Bank of China and finally president of the Chinese Insurance Regulatory Commission).

This experience allowed him to take advantage of the powers granted to him by these positions. Xiang Jaubo "helped companies and individuals to obtain contracts, loans, authorizations, posts or professional promotions".

Ultimately, X. Jaubo illegally collected a total amount of 2.32 million EUR.

Read also | Insurance fraud