—Photo: CNN
Beijing: Wang Bin, the former chairman of China’s largest life insurance company, was sentenced to life in prison for corruption.
The court convicted Wang, 64, of taking bribes worth $44 million and concealing $7.8 million in overseas deposits, without parole.
Wang was accused of taking bribes between 1997 and 2021, when he was the head of several state-owned financial institutions, including China Life Insurance, the Bank of Communications of China and China Taiping Insurance. They allegedly hid illegal money in Hong Kong bank accounts.
Wang is the first executive to be caught up in China’s anti-corruption crackdown.
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