China Probes Finance Ministry Official as It Cracks Down on Graft

(Bloomberg) -- China’s top anti-graft watchdog is investigating a finance ministry official, adding to the list of senior cadres brought down by an escalating crackdown on corruption.

Lai Yongtian, the deputy head of the Ministry of Finance’s asset management department, is being probed for serious disciplinary and legal violations after turning himself in, the China Central Commission for Discipline Inspection said in a statement on its website Tuesday. The official has spent his entire career at the finance ministry.

The announcement came days after the watchdog said it’s investigating Wang Bin, the chairman of China Life Insurance Co., which is controlled by the finance ministry. 

A nationwide anti-corruption crackdown focused on financial institutions and regulators has netted more than 20 officials since its start in October as authorities step up scrutiny of the nation’s $54 trillion financial system.

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With assistance from Bloomberg