SHANGHAI—Chinese prosecutors indicted the country’s former chief insurance regulator on charges of abusing his power and taking bribes, a year after he was fired amid concerns the industry’s sizzling expansion had saddled the financial system with risk.
Xiang Junbo, whose firing last April underscored the severity of a shake-up in China’s financial sector, faces charges that also include using his positions to promote the interests of others, according to a statement from the nation’s top prosecutors office Monday.
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