Former VP of PICC Yu Xiaoping expelled from CPC

Yu Xiaoping, former vice-president of the People's Insurance Company (Group) of China Limited, has been expelled from the Communist Party of China for serious violations of Party disciplines and national laws, the country's top anti-corruption authorities announced on Monday.

The announcement was disclosed online by the CPC Central Commission for Discipline Inspection and the National Commission of Supervision.

Yu was investigated by the commissions in June and found to have resisted organizational inspections, violated organizational principles by improperly seeking benefits for others in staff recruitment, and accepted gifts in breach of integrity rules. She also used her positions to benefit her relatives and friends.

Yu treated public power as a tool for personal gain and exploited her office to secure benefits for others in matters including waiving loan conditions and expediting loan approvals, and in exchange for huge amounts of illicit money and property, according to the investigation.

Even after leaving her post, she was discovered to have continued to leverage her influence to accumulate wealth, the commissions said.

The investigation further revealed that Yu abused her authority, causing especially heavy losses to national interests.

Yu's actions have constituted severe violations of Party disciplines, and she is suspected of the crimes of bribery, bribery by influence, and abuse of power by personnel of State-owned companies, the commissions said.

The authorities therefore have decided to expel her from the Party, revoke her eligibility for entitlements, confiscate her illicit gains, and transfer her case to procuratorial organs for further review and prosecution.

Public records show that Yu previously worked at the People's Construction Bank of China and the China Development Bank, before serving as the chief investment officer of the People's Insurance Company (Group) of China Limited. She was appointed vice-president of PICC in October 2013 and later stepped down from the role.