As Beijing’s assault on the economic sector continues, Wang Bin, the former president of China Life Insurance, is the most recent high-profile manager to be imprisoned.
A court decision seen by the BBC stated that Mr. Wang was given a two-year break in addition to his death sentence.
According to the decision, the statement will be commuted to life in prison without parole after two decades.
Authorities issued a warning that the assault was still ongoing in April.
Mr. Wang was found guilty of accepting 325 million yuan($ 44.6m,£ 35.7m ) in bribes by a court in Jinan in the Shandong province of eastern China.
The company’s Communist Party leader, Mr. Wang, was also given a one-year prison term for illegitimately concealing 54.2 million yuan in foreign reserves.
He is the most recent former head of a significant Chinese financial institution to be caught up in President Xi Jinping’s effort to combat corruption in the$ 60 trillion($ 48 trillion ) sector.
Fan Yifei, the northern bank of the nation’s lieutenant governor, was detained in June on suspicion of corruption and is currently being investigated. Additionally, he was kicked out of the Communist Party.
Liu Liange, the leader of the Bank of China, is the subject of an investigation that began in March. According to authorities, Mr. Liu is suspected of” major breaches of discipline and law.”
Cai Esheng, a former banking regulator who retired ten years ago, was charged with taking” big” money next year.
In a corruption case involving 85.5 million renminbi, former chairman of the China Development Bank Hu Huaibang was given life in prison that same year.
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August 19, 2022
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