China investigates high-level insurance policy on anti-corruption campaign | Bribes

The anti-corruption watchdog Wang Bin “is thought to have committed a serious breach of law and order.”

China’s top anti-corruption commissioner has appointed chairman of China Life Insurance Co. Ltd., one of the largest insurance companies in the country, is being investigated, the head of a financial company that worked to combat corruption this year.

Wang Bin “is suspected of gross violation of laws and regulations, and is currently being investigated and investigated,” China Central Commission for Discipline Inspection said on Saturday.

The global anti-corruption campaign that focuses on financial institutions and regulators has ousted more than 20 officials since its inception in October as government monitors the country’s $ 54 trillion economy. Wang is the first financial officer to be affected by the campaign this year, according to the Securities Times.

China Life will join forces with research and support Beijing’s efforts to clean up the country’s politics and economy, according to a statement issued on Saturday. The company will hold a board meeting soon to elect a chairman, it said in a statement to the Shanghai Stock Exchange on Sunday.

The news is expected to cast a shadow over the company’s shareholding, as investors may be concerned about the management of the insurance company and the business disruption that results from changes in management, Citigroup Inc. experts say. wrote in letters.

But the study should have “implications” for China Life’s actions, which are largely led by other regulators, such as Wang, 64, who are about to retire, say researchers, whose value on China Life’s Hong Kong – cited by HK $ 22.. The lowest price of the HK shares was $ 13.46 on Friday.

Wang previously held positions at China Taiping Insurance Holdings and Bank of Communications Co. before becoming chairman of China Life. He had also worked for a large bank.