Beijing expels official from CCP in anti-graft campaign

China has fired a securities regulatory official and expelled him from the Communist Party for allegedly taking bribes, the nation's antigraft watchdog said on Friday. 

Li Liang, who had headed the investor protection department at the China Securities Regulatory Commission, was found to have accepted bribes and abused his position, the ruling party's Central Commission for Discipline Inspection said in a brief statement on its website. 

Mr Li had been placed under investigation in December. He couldn't be reached for comment. 

The 50-year-old has a master's degree in international finance and investment from Columbia University in New York. As the commission's investor protection chief, Mr Li supervised stock-market research and governance over the issue of securities, as well as audit processes and the design of legislative rules for bond and listing procedures, according to the official Xinhua News Agency. 

No details of his alleged actions were given Friday, though the antigraft watchdog said his case had been formally turned over to prosecutors. 

China's communist leaders have launched a far-reaching antigraft campaign aimed at stamping out corruption that has been widely seen as seriously tarnishing the image of the ruling party. They have vowed to tackle corruption from senior officials as well as their underlings. 

In June, retired security chief Zhou Yongkang, the most senior official to be snared in the campaign, was sentenced to life in prison.

 

http://www.theaustralian.com.au/business/latest/beijing-expels-official-from-ccp-in-anti-graft-campaign/story-e6frg90f-1227474825830