Former PICC Executive Sentenced for Corruption – China
The former president of the People’s Insurance Company of China (PICC) in May 2018 was jailed for 11 years for taking bribes.
Wang Yincheng, who was also a Communist Party vice-secretary at state-owned PICC, was convicted of receiving 8.7 million yuan ($1.4 million) in bribes from 2006 to 2016, in exchange for helping individuals and firms with project contracts, giving staff promotions, and hiring their children, the official People’s Daily said yesterday. Wang also faces one million yuan in fines and confiscation of his illegal gains.
A Wide-Reaching Crackdown
Wang is the latest senior financial executive to be caught in President Xi Jinping’s far-reaching fight against corruption. China’s top leaders have pledged to intensify a crackdown on financial risks in 2018. A number of senior financial officials and executives, such as Anbang Insurance Group Co’s ex-chairman Wu Xiaohui, have been jailed.
Wang was placed under investigation in February 2017 by the Central Commission for Discipline Inspection, which said he tried to bribe officials during the probe. It said Wang “pursued extravagant pleasures,” took advantage of PICC facilities for private use, used company funds to pay for personal travel, and changed overseas business schedules in order to play golf.
PICC is not a member of any multinational pooling network.