Former CSRC official jailed for graft

Yao Gang, former vice-chairman of the China Securities Regulatory Commission, was on Friday sentenced to 18 years in prison for taking bribes and insider trading.

The former CSRC official was also fined 11 million yuan ($1.7 million), the Handan Intermediate People's Court said in a statement.

Between 2006 and 2015, Yao was found to have abused his power and received some 70 million yuan in bribes through his relatives in exchange for holding back the investigation of dodgy deals, the court said.