Ex-Chairman of Top China Insurer Given Suspended Death Sentence
- Wang Bin will serve life in jail for bribes, hiding deposits
- Sentence shows crackdown on finance industry isn’t over
Wang Bin
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
China sentenced the former head of the nation’s largest life insurer to death with a two-year reprieve, as President Xi Jinping’s crackdown on corruption in the financial industry continues.
Wang Bin, ex-chairman of China Life Insurance Co., was found to have taken bribes worth 325 million yuan ($45 million) and hiding overseas deposits, China Central Television reported Tuesday, citing a court ruling.