The former vice chairman of China’s banking regulator has been sentenced to life in prison.
Cai Esheng has been sentenced to life imprisonment after being found guilty of accepting 407 million yuan ($57 million) while serving in office, according to state media reports. He was also said to have accepted another 110 million yuan in bribes after retiring.
Cai was born in 1951 and spent the majority of his career in finance. He served for eight years as a vice chairman of China's banking regulator.
Beijing continues its anti-graft crackdown in the financial sector which saw arrests and sentences delivered to numerous heavyweights throughout 2023 who served as both regulators and industry executives. Last Thursday, Sun Guofeng, the former monetary policy department head at China’s central bank, was reportedly sentenced to more than 16 years in prison for taking bribes, leaking state secrets and insider trading.
