China’s State Council has removed the assistant chair of the China Banking Regulatory Commission after he was reported by local media to be under investigation in connection with a loan scandal.
The State Council on Thursday revealed it had removed Yang Jiacai from his position as assistant chair of the banking regulator at the end of an announcement that detailed the dismissal of four other officials from various other government institutions. It gave no reason for the dismissals.
In April, respected news magazine Caixin reported that Mr Yang had been placed under investigation for alleged links to a loan scandal in Hubei province involving the Bank of Communications. It also cited unnamed sources as saying he had been relieved of his duties since April 10.