The chairman of China's largest insurer is under investigation by the Communist Party's anti-corruption commission, the agency said on Saturday, as the government continues an anti-corruption campaign and a cleanup of the country's financial sector .
Wang Bin is under investigation on suspicion of "
serious violations of discipline and the law
," the Central Disciplinary Inspection Commission said in a brief statement, wording that generally indicates accusations of imminent corruption.
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Wang Bin is chairman of China Life Insurance, listed on the Shanghai, Hong Kong and New York stock exchanges.
According to financial news agency Bloomberg, China Life and other major insurers are facing, among other things, the deceleration of the Chinese economy and the decrease in the number of new business.
Their actions were also penalized by fears surrounding the Chinese real estate sector in the midst of the crisis.
In October, China Life reported a 54% drop in third-quarter profit.
Chinese regulators have struggled for years to wipe out massive debt and corporate mismanagement, a battle that has lately focused on real estate giant Evergrande Group.
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Last year, China executed Lai Xiaomin, the former chairman of Huarong, one of the largest state-controlled asset management companies, who was accused of accepting bribes. valued at $ 260 million.
In September, Yuan Renguo, the former head of Keichow Moutai, the company that markets the world's most expensive spirits, was jailed for life for accepting more than $ 17 million in bribes.
In 2020, the former head of China's insurance regulatory authority was sentenced to 11 years in prison, also for accepting bribes.
