Xiang Junbo, former Chairman of the China Insurance Regulatory Commission, was sentenced to 11 years in prison for taking bribes by a local court in Jiangsu Province in east China on June 16.

Xiang was also fined 1.5 million yuan ($212,000), according to the Intermediate People's Court of Changzhou. His illicit gains have been confiscated and will be turned over to the national treasury, according to the verdict of the court.

The court found that Xiang took undue advantage of multiple posts he had held from 2005 to 2017 and assisted certain organizations and individuals in project contracting, loan handling, qualification approval and job promotions. In return, Xiang accepted money and property worth over 18.62 million yuan ($2,630,687), according to the court.

The court said that it has given a lenient punishment considering the defendant confessed to his crimes and surrendered his illicit gains.

Xiang accepted his sentencing and said he would not appeal.