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Caixin

China graft busters shocked by corrupt Baoshang Bank regulators

Report claims government watchdogs took bribes and 'ate everything'

China's top antigraft agency has disclosed details of corruption cases involving five former banking regulators in the Inner Mongolia autonomous region, who took more than 700 million yuan ($109 million) in bribes, mostly connected with scandal-hit Baoshang Bank, a failed local lender taken over by the state in 2019.

The officials, including Xue Jining, 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 Discipline Inspection (CCDI) said in a report released on Tuesday.

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