China’s former market regulator head to be tried for graft

Yi Huiman, the former head of China's financial markets regulator, will face trial for corruption, according to state media. The Supreme People's Procuratorate announced that an investigation into Yi had concluded and the case was referred to a court in Qingdao for trial, reported Xinhua, the official state news agency. Yi, currently in custody, is accused of abusing his positions as chairman of the Securities Regulatory Commission and in the banking sector to accept large bribes, secure benefits for others, and unlawfully accept property from others.

He is one of many officials who have fallen victim to Beijing's anti-corruption campaign since President Xi Jinping took power in 2012. Yi chaired the China Securities Regulatory Commission from 2019 to 2024, a period marked by financial market challenges and economic slowdown. His predecessor, Yao Gang, the former vice-chairman, received an 18-year prison sentence in 2018 for insider dealing and corruption.

The military has also been targeted in the anti-graft purge, with high-ranking officials, including the country's top general, under investigation for corruption allegations. Two former defense ministers were recently handed suspended death sentences after being found guilty of corruption.