Economy

Markets

Industries

Insights

Reports

Events

Top insurance executive sacked

By Yang Zhen (chinadaily.com.cn)
Updated: 2009-02-06 13:52

A senior executive of China Export and Credit Insurance Corporation, Sinosure, was sacked for corruption, China's insurance watchdog said on Feb 5.

Tang Ruoxin, Party secretary and general manager of Sinosure, was removed from his official post and stripped of his CPC membership, said the China Insurance Regulatory Commission (CIRC).

CIRC investigation showed that Tang and some members of his family had accepted large bribes. Tang was arrested on Aug 21, 2008.

Tang had been the most senior executive at Sinosure since it was founded in Dec 2001.

Tang was the second senior official to have been fired for corruption this week. Wang Yi, a vice president of China Development Bank, was sacked for taking bribes and stripped of his party membership, Xinhua reported on Feb 4.