A former chief of China Securities Regulatory Commission (CSRC) is facing bribery charges. The Central Commission for Discipline Inspection announced on Friday that sufficient evidence has been found linking Li Liang to corrupt practices.

Li Liang was once the chief of CSRC's investor protection division. The division is responsible for examining the legality of corporate bonds issued and foreign exchange listings by Chinese companies. Li's allegedly corrupt activities started when he attained the position in 2013.

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The disciplinary commission believes that Li used his office to enrich himself by taking bribes from erring corporations. It has also been announced that Li has been removed from the Chinese Communist Party. The commission said he had violated the rules of the party and the country's laws.

Anti-graft officials said Li will be formally charged with graft. Proof of his guilt has reportedly been handed over to the prosecutors office. The press have been unsuccessful in their efforts to get in touch with Li. It is unclear if he has legal representation in the impending case  or whether he even admits to his guilt.

In recent years, a number of high ranking members of the government have been sacked from their post for corruption. Some have even been sentenced to prison.

Li's prosecution for graft may have something to do with the current crisis unfolding in China's stock market. A majority of the country's stock prices have plummeted since June after almost a year of continuous growth. Investigators have since announced that the losses in the stock market was caused by unscrupuous traders, who engaged in illegal practices, including short selling. Authorities have not confirmed if Li's arrest is related to that investigation.

Official in charge of party discipline said they have faith that the securities watchdog will try its best to eliminate graft and corruption from its ranks.

Meanwhile the deputy governor of the Jilin province, Gu Chunli, has been relieved from his post pending an  investigation for graft and corruption.

Jilin is one of China's provinces that borders North Korea and is also one of the top producers of corn in the country.

The specific charges leveled against the sacked official have not been officially announced.

TagsLi Liang, investor protection department, China Securities Regulatory Commission (CSRC), Chinese anti-graft watchdog, Chinese corrupt officials, Bribery in China, China Communist Party, Central Commission for Discipline Inspection