China Probes Head of Top Life Insurer in Anti-Graft Campaign
- Shares fall as much as 2.5% as Chairman Wang Bin investigated
- Nationwide crackdown has taken down more than 20 officials
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China’s top anti-graft watchdog placed the chairman of China Life Insurance Co. Ltd. under investigation in a surprise move, sending the shares of one of the country’s largest insurers down the most in almost four weeks in Hong Kong.
Wang Bin, the most senior finance industry executive caught up in an anti-corruption drive launched in October last year, is “suspected of serious violations of discipline and law, and is currently undergoing disciplinary review and investigation,” the China Central Commission for Discipline Inspection said in a statement Saturday, without disclosing more details.