China Life Insurance Photo:IC

Wang Bin, former chairman of China Life Insurance Co, has been dismissed from the Communist Party of China (CPC) and public office for serious duty violations including creating and magnifying financial risks, China's Central Commission for Discipline Inspection (CCDI) announced on Thursday.

After an investigation conducted by the CCDI, Wang was found to have created and magnified financial risks as well as engaged in financial corruption, having received bribes in violation of laws and accepted travel arrangements and banquets that ran against his official duties.

Also, Wang owned shares of non-listed companies in violation of regulations. He also interfered with and meddled in market economic activities, conniving and helping his relatives to carry out activities in violation of disciplines and laws.

According to the CCDI, Wang "used public power as an instrument to reap huge personal profits," taking advantage of his position to benefit others in loan financing and project cooperation, and receiving large amounts of money and property.

He also resisted scrutiny and review by the CCDI, the commission added.

Wang was chairman of China Taiping Insurance Group and executive director of China's Bank of Communications. From August 2018, he served as chairman of China Life Insurance.

The CCDI noted that Wang seriously violated the party's political discipline and work discipline. Due to the very bad influence of his case, Wang has to be dealt with seriously, the CCDI said.

According to relevant laws including the Law of China on Supervision, Wang was dismissed from the Party and public office, with all proceeds he gained in violation of discipline and laws being confiscated. 

Suspected criminal violations related to Wang will be transferred to the procuratorial organ for examination and prosecution in accordance with China's laws, the CCDI said.

Global Times