China Taiping Insurance Holdings' former manager charged against bribery

Xiao Xing, former deputy general manager of State-owned China Taiping Insurance Holdings Co Ltd, has been charged with accepting bribes by the Xinxiang People's Procuratorate, Henan province, as stated by the Supreme People's Procuratorate on Monday.

It said in a statement that the National Commission of Supervision recently concluded the investigation into Xiao, and the Xinxiang procuratorate was assigned to handle the case.

Prosecutors have informed Xiao of his rights, interrogated him and listened to the opinions of his defense counsel.

The prosecutors have accused Xiao of using his positions such as deputy secretary-general of the Shanghai Youth Federation, Party chief and general manager of the Shanghai Branch of China Life Insurance, and deputy general manager of China Taiping Insurance Holdings, to provide convenience in his official capacity for others to seek benefits. He also used his power and status to seek undue benefits for others through affecting other civil servants. In return, he accepted a large amount of property and money.

Prosecutors hold that he should be held criminally responsible for the crime of taking bribes.

Xiao, 52,worked in China Life Insurance from 2005 to September 2013. After that, he became the general manager of Tai Ping Asset Management. From May 2017 to July 2023, he served as the deputy general manager of China Taiping Insurance Holdings.

He was placed under investigation in July 2023, and expelled from the Communist Party of China and removed from his public posts in January this year. Later, he was arrested and his case was handed over to procuratorial organs for review.