Yao Gang, vice chairman of the China Securities Regulatory Commission, has been expelled from the Communist Party of China (CPC) and dismissed from public office for various wrongdoings, including graft, it was announced Thursday.
Yao, 55, abused his power to seek benefits for others and accepted "a huge amount" of bribes, according to a statement from the CPC Central Commission for Discipline Inspection (CCDI).
Investigators allege that Yao took advantage of his post to help others or companies in order to raise his standing in the eyes of influential political figures; obstructed investigations; and failed to report his personal information in accordance with rules, according to the CCDI.
Yao, a senior Party official, has "sabotaged the order of the capital market and the political ecology of securities supervision," it said.
Yao's illegal gains will be confiscated and his case will be handed over to prosecutors.
The CCDI announced an investigation into Yao in November 2015.
