Former Chinese banker stands trial in $69.8M corruption case

ISTANBUL

Former Chinese banking regulator Cai Eshang’s trial for a multi-million-dollar bribery case began Thursday, accordant to state-run media.

The former chairman of the now-defunct China Banking Regulatory Commission started at Zhenjiang Intermediate People’s Court in the country’s eastern Jiangsu province, Beijing-based Global Times reported.

Cai was arrested in 2022 on suspicion of taking bribes of more than 500 million yuan ($69.8 million) and abusing official power.

Born in 1951, Cai Eshang was vice-chairman of the China Banking Regulatory Commission between 2005 and 2013 and was arrested eight years after resigning his role. The Chinese Communist Party expelled him in the same year.