In addition, Zhang Yujun, ex-assistant chairperson of the CSRC, is also said to have “severe disciplinary violations” and some of his actions were against the law, CCDI said in an online statement. (in Chinese)
Both were detained by the anti-graft body in late-2015 soon after the A-share market crash, and have been expelled from the Communist Party of China (CPC) and dismissed from public office after nearly two years’ of investigation.
CCDI said Yao had “abused his power to pocket a huge amount of money” and he is charged with corruption, a CCDI statement said (in Chinese).
Yao, aged 55 and dubbed the “King of IPOs”, had been the regulator’s vice chairman since 2008, He worked at CSRC since 1993, except during 1999-2002 when he was the general manager of Guotai Junan Securities.
From 2002 until 2008, he had been in charge of the IPO supervision department at CSRC.
The charges against Zhang were different. He “accepted invitations that may be a conflict of interest, which impaired his fair judgment at work”, CCDI noted.
“He also indulged and allowed his relatives to seek huge inappropriate benefits by using his influence,” the authority added.
Zhang, 54 years old, worked as the CSRC chairman’s assistant since September 2012. Prior to that, he had experience in the Shenzhen and Shanghai stock exchanges. He first started at the CSRC in 1995.
Both Yao and Zhang will face a formal trial, CCDI said.
