Ex-Chairman of China's Largest Insurance Company Sentenced to Life Imprisonment

Ex-Chairman of China’s Largest Insurance coverage Firm Sentenced to Life Imprisonment

News By Sep 14, 2023 No Comments

– Picture: Si In In

Beijing: Wang Bin, the previous chairman of China’s largest life insurance coverage firm, was sentenced to life in jail for corruption.

The court docket convicted Wang, 64, of taking bribes value $44 million and concealing $7.8 million in abroad deposits, with out parole.

Wang was accused of taking bribes between 1997 and 2021, when he was the pinnacle of a number of state-owned monetary establishments, together with China Life Insurance coverage, the Financial institution of Communications of China and China Taiping Insurance coverage. They allegedly hid unlawful cash in Hong Kong financial institution accounts.

Wang is the primary government to be caught up in China’s anti-corruption crackdown.

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