Former China Life Chairman Wang Bin Expelled from Chinese Community Party for Serious Duty Violations & Corruption, Accepted Cash & Gifts to Help on Business Deals & Loans
1st September 2022 | Hong Kong
Former China Life Chairman Wang Bin had been expelled from the Chinese Community Party for serious duty violations & corruption, accepting cash & gifts to help on business deals & loans (Statement by China Central Commission for Discipline Inspection, CCDI). China Life is China’s largest insurance company and is listed in Shanghai, Hong Kong and New York Stock Exchange. In January 2022, China Anti-Corruption Authority had investigated Wang Bin, the Chairman of China Life and China Communist Party committee secretary for suspected serious violations of discipline and law.
“ Former China Life Chairman Wang Bin Expelled from Chinese Community Party for Serious Duty Violations & Corruption, Accepted Cash & Gifts to Help on Business Deals & Loans “
High Level Corruption in China
In July 2022, China Minister of Industry & Information Technology Xiao Yaqing was investigated for suspected corruption, according to the statement issued by the China Central Commission for Discipline Inspection (suspected violations of discipline and law). Xiao Yaqing was appointed as the China Minister of Industry & Information Technology in July 2020.
In March 2022, former China Party Secretary & General Manager of China Railway Corp Sheng Guangzu (Age 72) is under investigation from government authorities for suspected corruption & violation.
In May 2022, China central bank People’s Bank of China (PBOC) is investigating and had removed PBOC Head of Monetary Policy Sun Guofeng from office for serious violations of discipline and the law (suspected corruption).
In 2021, China sentenced former Head of ICBC Shanghai Gu Guoming to lifetime imprisonment for receiving $21 million (CNY 136 million) in bribes between 2005 to 2019. As the Head of ICBC Shanghai, Gu Guoming had took advantage of his position in power, including helping individuals and companies to obtain bank credit. According to the Shanghai court verdict, Gu Guoming had pleaded guilty and had helped to recover most of the $21 million in bribes. (ICBC ~ Industrial and Commercial Bank of China is the largest bank by assets in China).
China Life
China Life Insurance (Group) Company is a large state-owned financial insurance enterprise. In 2020, its consolidated revenues achieved nearly RMB1 trillion. Its consolidated premium income surpassed RMB750 billion. And its consolidated assets reached RMB5 trillion. China Life has been listed among “The Fortune Global 500” for 19 consecutive years, ranking 32nd in 2021, a drastic increase compared with 290th in 2003. It has been included on the “World’s 500 Most Influential Brands” list for 14 consecutive years, with a brand value standing at RMB436.672 billion in 2021. After the dual-listing in New York and Hong Kong in December 2003, China Life Insurance Company Limited returned to China A share market in January 2007. It is the first insurance company triple-listed in New York, Hong Kong and Shanghai.
China Life’s predecessor, PICC was founded in 1949 and the PICC (Life) Co., Ltd was set up in 1996 after its separation from the former PICC. In 1999, it was renamed China Life Insurance Company. Currently, the Group has China Life Insurance Company Limited, China Life Asset Management Company Limited, China Life Property & Casualty Insurance Company Limited, China Life Pension Company Limited, China Life Ecommerce Company Limited, China Life Insurance (Overseas) Company Limited, China Life Investment Holding Company Limited and Insurance Professional College as its subsidiaries. In 2016, China Life became the largest single shareholder of China Guangfa Bank, thus initiating a synergy layout among its insurance, investment, and banking businesses.
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