According to Apollo News, Cai Ersheng, former vice-chairman of the Chinese Communist Party (CCP)’s Banking Regulatory Commission, and Meng Xiang, a member of the Supreme Court Judicial Committee and director of the Executive Board, were arrested on Feb. 10.
Cai Ersheng, 71, who worked in the financial system for 34 years, was investigated on July 30, 2021.
Cai Ersheng held a position in lawmakers to approve bank and trust licenses at that time. In which the highest market price could reach 600 million Yuan, equivalent to around $94 million, for a bank license and 300 million Yuan, approximately $47 million, for a trust license.
The CCP officially informed that Cai Ersheng had abused his financial supervision power, seriously disrupted the financial market’s order, engaged in power and money transactions, interfered in administrative licensing matters, and taken bribes in large amounts.
Besides, Cai is accused of benefiting from financing and loans, project contracting, and job promotion.
Meng Xiang, a Zhou Qiang’s close associate, 57, serving in Beijing’s three court levels for 36 years from 1985 to 2016, was investigated on July 16, 2021.
Like Cai Ersheng, Meng was charged with engaging in profit-making activities that violate regulations, obtaining large returns through private loans and engineering projects, interfering in the cadres’ selection and appointment, violating judicial activities, and illegally accepting huge property amounts.
The timing of Meng Xiang’s sack coincided with the CCP’s education and rectification of the political and legal teams across the country.
Since the CCP’s 18th National Congress, a large number of officials in the financial system have been investigated or sentenced for corruption, including officials in the “one bank and three commissions” (Central Bank, Banking Regulatory Commission, Securities Regulatory Commission, and Insurance Regulatory Commission) and the Securities Regulatory Commission system.
The CCP’s “Political and Legal Education and Rectification” Leading Group has dispatched a central supervisory team to various provinces and cities since March 2021, several officials in the Beijing court system were under investigation.