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Former insurance company head charged with taking bribes

By YANG ZEKUN | chinadaily.com.cn | Updated: 2023-01-19 16:29
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Wang Bin, former Party chief and chairman of the China Life Insurance (Group) Company, has been officially charged with taking bribes and concealing overseas deposits, the Supreme People's Procuratorate said in a statement on Thursday.

The statement said that the National Commission of Supervision recently concluded its investigation into Wang's alleged crimes, and the Ji'nan procuratorate in Shandong province has been selected to initiate prosecution.

Prosecutors accused Wang of taking advantage of the various positions he has held — including as vice-president of the Jiangxi branch of the Agricultural Development Bank of China, as president and vice-president of the Beijing Branch of the Bank of Communications and as chairman of China Life Insurance — to benefit others while accepting a large amount of money and valuables in return.

Wang, 64, is also accused of concealing large deposits he made into overseas bank accounts, the statement said.

A native of Heilongjiang province, Wang joined the Party in 1985. He served as Party chief and chairman of China Taiping Insurance Holdings Company from March 2012 to September 2018 and later became Party chief and chairman of China Life Insurance.

He was placed under investigation by the Central Commission of Discipline Inspection and the National Commission of Supervision in January 2022. He resigned as chairman of China Life Insurance in February.

In September, Wang was expelled from the Party and removed from public posts by the CCDI and NCS. His case was transferred for further review to the SPP, which later approved his arrest.

The Ji'nan procuratorate has filed the indictment against Wang with the Ji'nan Intermediate People's Court. Prosecutors have informed him of his rights, interrogated him and listened to attorneys' opinions, the statement said.

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