(Yicai Global) June 16 -- Xiang Junbo, former chairman of the China Insurance Regulatory Commission, was sentenced to 11 years in prison and fined CNY1.5 million (USD211,925) for accepting bribes, according to a court verdict today.

The Changzhou Intermediate People's Court gave Xiang a more lenient sentence after taking into account that he had fully co-operated with the inquiry, turned himself in and confessed completely. He made a guilty plea, expressed remorse and has returned all the ill-gotten gains, it added.

Xiang said he accepts the verdict and will not appeal.

Between 2005 and 2017, the defendant and his accomplices took CNY18.62 million (USD2.6 million) in bribes from businesses and individuals in return for assistance in gaining project contracts, loans, jobs, qualifications, promotions and other benefits.

Over this period, Xiang held several leading positions in the financial sector, serving as vice governor of the People's Bank of China, president and chair of the Agricultural Bank of China and CIRC chair.

Editor: Kim Taylor