As Beijing’s crackdown on the financial sector continues, Wang Bin, the former chairman of China Life Insurance, has become the latest high-profile executive to be detained.
According to a court ruling, Mr. Wang was sentenced to death with a two-year reprieve.
The sentence will change to life in prison without the possibility of parole after two years, according to the ruling.
Authorities issued a warning that the crackdown was far from over in April.
Mr. Wang was found guilty of accepting bribes worth 325 million yuan ($44,6m; £35,7m) by a court in Jinan, Shandong Province, eastern China.
For illegally concealing 54.2 million yuan in foreign deposits, Mr. Wang, the firm’s Communist Party chairman, was also sentenced to a year in prison.
He is the most recent boss from a significant Chinese financial institution to be caught up in President Xi Jinping’s more than two-year-long crackdown on corruption in the $60 trillion (£48 trillion) industry.
The former chairman of Huarong, one of China’s largest state-controlled asset management firms, Lai Xiaomin, was executed in 2021 after being found guilty of bigamy and corruption.
In the same year, Hu Huaibang, a former chairman of the China Development Bank, received a life sentence in prison for bribery involving 85.5 million yuan.
Also, a criminal investigation is being conducted against Fan Yifei, a deputy governor of the nation’s central bank who was detained in June on suspicion of bribery. Furthermore, the Communist Party has expelled him.
Source-BBC
