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Vice chairman of state-owned China insurance firm in graft probe
February 23, 2017 / 8:51 AM / 9 months ago

Vice chairman of state-owned China insurance firm in graft probe

BEIJING (Reuters) - The vice chairman of state-owned People’s Insurance Group of China is being investigated for alleged discipline violations the ruling Communist Party’s anti-corruption watchdog said on Thursday, employing the usual euphemism for corruption.

Wang Yincheng is the latest senior official of a state owned enterprise to be enmeshed in Chinese President Xi Jinping’s sweeping campaign against corruption, which has already caught up bankers and telecoms employees, among others.

Wang is “suspected of serious violation of discipline,” the Central Commission for Discipline Inspection said in a statement on its website, without giving details.

Past use of such phrasing on violations has generally referred to corruption.

It was not immediately possible for Reuters to reach Wang or his lawyers.

The move confirms a January report in business daily Caixin that Wang, 57, had been taken away from the insurer’s Beijing headquarters for investigation during a normal office day.

One of China’s largest insurers, PICC has a market capitalisation of around 159 billion yuan ($23 billion) and offers numerous products ranging from life and property to healthcare.

In July last year, Chang Xiaobing, the former chief executive and chairman of China Telecom Corp, was expelled from the Communist Party for graft.

PICC’s Hong Kong shares were down 0.17 percent on Thursday at HK$12 each.

($1=6.8762 Chinese yuan renminbi)

Reporting by Beijing Monitoring Desk; Writing by Engen Tham; Editing by Christian Schmollinger

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