November 13, 2015 / 12:21 PM / in 2 years

Deputy head of China securities regulator probed for graft

BEIJING (Reuters) - A deputy head of China’s securities regulator is being investigated for suspected “serious breaches of discipline”, the ruling Communist Party’s anti-graft watchdog said on Friday, using the usual euphemism for corruption.

Yao Gang, Vice Chairman of China Securities Regulatory Commission, takes part in the Asian Financial Forum in Hong Kong January 16, 2012. REUTERS/Bobby Yip

The brief statement by the Central Commission for Discipline Inspection gave no further details of the probe into Yao Gang, a vice chairman of the China Securities Regulatory Commission (CSRC).

It was not possible to reach Yao for comment and unclear if he has a lawyer or what the detailed accusations are against him.

But the move comes as authorities work to restore confidence in the stock market after a fumbled intervention and suspicion of irregular trading following market turmoil which began in June.

Since then, authorities have swept up market participants, journalists, fund managers and social media commentators in a crackdown on alleged market manipulation.

China’s financial regulators have been under heavy pressure since stock markets collapsed in mid-June following a long bull run, though the statement made no mention of the markets.

Yao, 53, is the second senior CSRC official to come under investigation following the market turmoil. He has a doctorate in economics and took up his current job in 2008, according to his official resume.

In September, the graft watchdog began a probe into an assistant chairman at the securities regulator called Zhang Yujun, also for suspected serious violations of discipline.

China’s Cabinet said on Friday it had asked financial regulators to improve their supervision of market players to better protect consumer rights.

Reporting by Ben Blanchard; Editing by Nick Macfie

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