Cai Esheng

A public trial in the first instance of Cai Esheng, former vice chairman of the now defunct China Banking Regulatory Commission (CBRC), for the charges of bribery, bribery using influence and abuse of power, involving a total bribery of over 500 million yuan ($69.81 million), was held at Zhenjiang City Intermediate People’s Court in East China’s Jiangsu Province on Thursday, according to China Central Television (CCTV). 

Born in 1951 in Central China's Hubei Province, Cai was the vice chairman of the now defunct CBRC from 2005 to 2013. He was arrested in February of 2022, eight years after he retired. The CBRC was merged with China’s insurance industry regulator to become the China Banking and Insurance Regulatory Commission in 2018. 

According to the Zhenjiang City People’s Procuratorate, Cai, the defendant, took advantage of his position as a member of the Party committee and vice chairman of the now defunct China Banking Regulatory Commission. He illegally accepted more than 409 million yuan in bribes, directly or through intermediaries, by providing assistance to relevant units and individuals in matters such as financing and loans, business contracts and job promotions between 2006 and 2021. 

Between 2018 and 2021, Cai leveraged the convenience derived from his previous positions as a member of the Party committee and vice chairman of the now defunct China Banking Regulatory Commission, utilized the power and status associated with these positions to provide assistance to relevant entities and individuals in matters such as equity transfers, financing and loans, and job adjustments through the actions performed in the capacity of a state official. Directly or through intermediaries, he illegally accepted bribes totaling over 110 million yuan. 

Between 2010 and 2013, Cai violated laws, regulations, and relevant provisions by playing favoritism and committing irregularities while fulfilling regulatory responsibilities, resulting in significant losses to public property, national interests, and the interests of the people. The circumstances of the case are particularly serious. 

The prosecuting authority has recommended that the defendant should be held criminally responsible for the crimes of bribery, accepting bribes by taking advantage of influence, and abuse of power. 

Cai made a final statement and confessed to his crimes at the court.

At the end of the trial, the court announced an adjournment and the sentencing will be announced at a later date. 

More than 40 people including lawmakers, political advisors and people from all walks of life attended the trial as observers. 

Global Times