Former PICC chief to be prosecuted for corruption

Investigations reveal executive engaged in corrupt practices such as bribery and misuse of funds

Former PICC chief to be prosecuted for corruption

Insurance News

By Gabriel Olano

The government of China will prosecute the former president and vice chairman of People's Insurance Co (Group) of China Ltd (PICC) following the results of an investigation indicating he committed corrupt acts such as bribery.

The Central Commission for Discipline Inspection (CCDI), the anti-corruption watchdog of the ruling Communist Party, said in an online notice that Wang Yincheng has been expelled from the Party for “serious discipline violations”. This is the term the Party often uses when referring to corruption.

CCDI investigations have revealed that Wang was found to have illegally influenced inspections and audits, connived with other corrupt officials, received bribes, and spent public money to pay for personal vacations, reports Reuters.

In January, it was reported that Wang was under investigation for corruption and he was taken in for questioning.

Wang’s case has been handed over to judicial authorities, meaning he will stand trial for the charges. The Communist Party controls the judiciary, resulting in a high conviction rate.

The anti-corruption crackdown initiated by Chinese President Xi Jinping has snared several top officials, including heads of banks, insurers, and regulators. Xiang Junbo, chairman of the China Insurance Regulatory Commission, was investigated and dismissed for corruption in April.

Related stories:
PICC’s vice chairman arrested by authorities
China’s chief regulator axed over corruption case
Anbang’s chief arrested - report

Keep up with the latest news and events

Join our mailing list, it’s free!