BEIJING, Nov. 24 (Xinhua) -- Wang Huimin, former head of China's top anti-graft authority's discipline inspection and supervision team sent to the China Securities Regulatory Commission (CSRC), has been expelled from the Communist Party of China (CPC) due to serious discipline and law violations, according to an official statement issued on Monday.

The decision was made following an investigation by the CPC Central Commission for Discipline Inspection (CCDI) and the National Commission of Supervision (NCS) upon the approval of the CPC Central Committee, the statement issued by the CCDI and NCS revealed.

Wang is also a former member of the Party Committee of the CSRC.

The statement said Wang's violations included deviating from the Party Central Committee's basic policy on targeted poverty alleviation, abuse of power and reckless decision-making, which resulted in serious consequences.

In addition, he was found to have taken advantage of his posts to seek benefits for others in company listing, private placement-related financing and personnel promotion -- illegally accepting large sums of money and valuables in return.

The statement also said that Wang, who was supposed to enforce discipline and law, had violated regulations and laws himself, engaging in exchange of interests -- and amassing huge amounts of money and gifts.

The statement added that Wang is suspected of bribery. His illicit gains will be confiscated and his case will be transferred to procuratorial authorities for examination and prosecution in accordance with the law. Enditem