Hong Kong CNN —Wang Bin, the former chairman of one of China’s biggest life insurers, will spend the rest of his life in jail after a court found him guilty of corruption.
Wang was accused of taking the bribes between 1997 and 2021, when he headed a number of state-owned financial institutions, including China Life Insurance, China’s Bank of Communications and China Taiping Insurance.
“The amount of bribes Wang Bin accepted was particularly huge, the circumstances of the crime were particularly serious and the social impact was particularly bad,” the ruling said.
He is the latest top executive to become ensnared in President Xi Jinping’s anti-corruption crackdown on the country’s $56 trillion financial sector.
The sentence came more than a year after Wang, who was also the top Communist Party official at China Life, was investigated by the party’s top anti-graft agency.
Persons:
Hong Kong CNN — Wang Bin, Wang, Wang Bin, Xi Jinping’s, Li Xiaopeng, Liu Liange, Bao Fan, Xi
Organizations:
Hong Kong CNN, China Life Insurance, China’s Bank of Communications, China Taiping Insurance, Communist Party, China, China Everbright, Bank of China
Locations:
China, Hong Kong, Jinan, China’s, Shandong, United States