SHANGHAI (Reuters) - China will prosecute the former president of the People's Insurance Co (Group) of China Ltd after an investigation found he engaged in corrupt practices including bribery, the ruling Communist Party said on Wednesday.
The party's corruption watchdog said Wang, who was also the vice-chairman and executive director of People's Insurance, had been expelled from the party for "serious discipline violations," the usual euphemism for corruption.
In a notice on its official website, the Central Commission for Discipline Inspection said Wang interfered with inspections and audits, corroborated with corrupt officials, used public funds to pay for personal holidays and took bribes.
His case will be handed over to judicial authorities, the commission said, meaning he will be prosecuted.
It was not possible to reach Wang for comment and unclear if he has been allowed to retain a lawyer.
The party controls the legal system so it is unlikely that the courts will challenge the charges against Wang. In such cases, the defendant is usually found guilty.
President Xi Jinping's corruption campaign has netted leading officials in the country's finance sector from bank chiefs to financial regulators.
People's Insurance said in February that Wang was under investigation for suspected serious disciplinary violations.
Reporting by Engen Tham; Editing by Ben Blanchard and Christopher Cushing