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Top Chinese life insurer investigated for corruption: Gold bars found at his home

On Feb. 14, Caixin Weekly reported further details relating to the corruption case of Wang Bin. He is one of China’s most senior financial industry executives.

Wang Bin is the former chairman of China Life Insurance, which is among the giants in the industry in China. On Jan. 8, China’s Central Commission for Discipline Inspection (CCDI) announced an investigation into Wang Bin on suspicion of “serious violations of discipline and law.”

Wang Bin was sacked from his post following the probe.

According to the update, he was accused of violating discipline while working for Taiping Group and Bank of Communications, China’s first deputy-ministerial-level centrally administered financial firm with a management headquarters overseas (Hong Kong). 

The report said Wang Bin had been involved in numerous backdoor listing transactions in Hong Kong for a long time, causing Taiping Group to lose an estimated $4.7 billion.

Caixin Weekly said he was also suspected of money laundering, and many gold bars were seized from his home. Further details relating to the case have not been revealed. 

Following the report, China Life and China Taiping shares dropped sharply on Feb. 15. China Life slumped 3.5% to close at $2.21, and China Taiping fell 6% to close at $1.74.

Wang Bin is the first senior official in the Chinese financial industry caught up in China’s anti-graft campaign this year.

Wang Bin was born in November 1958 in Harbin, Heilongjiang province. He used to work as the Chairman of Taiping Group since 2012 and became Chairman and Secretary of the Company (Group) Party Committee China Life Insurance in 2018.

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