China Anti-Corruption Campaign: Former Senior Regulatory Official Li Liang To Face Prosecution, Expelled From Party

China's anti-graft body said Friday that it will prosecute former regulatory official Li Liang after an investigation found that he had accepted bribes. Li, former head of the investor protection department at the China Securities Regulatory Commission, was found to have abused his position and has been expelled from the ruling Communist Party of China, the Central Commission for Discipline Inspection said.

"Li Liang's actions are a serious breach of discipline and the law," the authority said in a statement cited by Reuters, adding that he was in "breach of integrity and self-discipline rules to have taken money and gifts, and accepted bribes to take advantage of his posts to seek benefits for others."

According to the anti-corruption watchdog, his case had been turned over to legal authorities, indicating that he will be prosecuted.

Li is the latest target of a massive anti-corruption sweep instituted by President Xi Jinping. The anti-graft campaign, which has targeted both high-level “tigers” as well as local “flies,” has resulted in dozens of senior officials being arrested or investigated since Xi came to power in 2013.

China’s financial regulators have also found themselves under increasing scrutiny as the country faces a major stock crisis, which saw the value of its shares tumble almost 30 percent after peaking in early June. The central bank, the country’s major exchanges and financial regulators have all taken strong measures to crack down on what they believe to be behind the ongoing volatility -- short selling and market manipulation. However, despite an initial rally, another major loss last Monday raised concerns about the government’s ability to subdue volatility and prevent panic.

Also on Friday, Xinhua reported that Gu Chunli, vice governor of the northeastern Jilin province, has been fired from his position after a graft investigation. The report did not indicate why he was being investigated.