The chairman of China's insurance regulator, Xiang Junbo, has been removed from his position for suspected disciplinary violations, the Xinhua News Agency has reported citing the Communist Party's Central Organisation Department which oversees personnel matters of the Party.
The news released on 17 April came eight days after the Communist Party's Central Commission for Discipline Inspection announced on 9 April that Xiang was under investigation for "serious disciplinary violations", a phrase that usually refers to graft. All references to Xiang had been removed from CIRC’s website by 10 April.
Xiang, 60, assumed the post of CIRC Chairman in October 2011 after serving as Chairman of Agricultural Bank of China, one of the four biggest state banks. He was also Party Chief at the CIRC.
He is the highest-ranking cadre in the financial industry to be caught up in Beijing’s four-year-long clampdown on financial malfeasance. The exact charges surrounding Xiang’s dismissal and detention have not been disclosed.