(Yicai Global) July 21 -- The Disciplinary Committee of the Communist Party of China announced today that Yao Gang, ex-vice chairman of China Securities Regulatory Commission (CSRC), is suspected of having taken bribes.
Relevant authorities have expelled him from the party, dismissed him from his post and confiscated his illegal proceeds. His criminal case will be transferred to the courts for adjudication.
Yao came under investigation by the Central Commission for Discipline Inspection (CCDI) in November 2015.
The CCDI concluded that Yao was suspected of abusing his power abuse to benefit others, for which he received massive recompense in return, and was thus suspected of the crime of graft.
The CCDI investigation also concluded that Yao seriously violated political discipline and political rules to engage in politicking and cozying up to higher-ups, and abused his authority to aid and abet other persons and enterprises.