Former Chinese securities regulator's deputy chief faces graft investigation

Yao Gang, vice chairman of the China Securities Regulatory Commission, is being investigated for corruption, the Supreme People's Procuratorate (SPP) announced Thursday.

Yao Gang [File photo: ifeng.com]

Yao has been put under "coercive measures," which may include summons by force, bail, residential surveillance, detention and arrest. The SPP did not specify which measures had been taken.

He was expelled from the Communist Party of China (CPC) and dismissed from public office for multiple offenses, including abuse of power to seek benefits for others and accepting "a huge amount" of bribes, the CPC Central Commission for Discipline Inspection (CCDI) said in a statement on July 20.

Yao, a senior Party official, has "sabotaged the order of the capital market and the political ecology of securities supervision," the CCDI said.