Tuesday, January 18, 2022
HomeEconomyChina probes head of top life insurer in anti-corruption campaign | Corruption

China probes head of top life insurer in anti-corruption campaign | Corruption

The anti-corruption watchdog said Wang Bin was “suspected of serious disciplinary and legal violations.”

China’s leading anti-corruption watchdog has placed the chairman of China Life Insurance Co. Ltd., one of the country’s largest insurers, under investigation, the top financial sector executive involved in an anti-corruption campaign This year.

Wang Bin “Suspected of Serious Discipline and Law Violations, and Currently Under Disciplinary Review and Investigation,” China’s Central Disciplinary Inspection Commission said in a statement on Saturday. , without disclosing further details.

A nationwide anti-corruption crackdown focused on financial institutions and regulators has toppled more than 20 officials since it began in October as authorities ramp up their control over the $ 54 trillion national financial system. Wang is the first senior financial sector official to be affected by the campaign this year, according to the official Securities Times.

China Life has said it will cooperate with investigations and support Beijing’s actions to clean up the country’s political and financial systems, according to a statement released on Saturday. The company will hold a board meeting in the near future to decide on an interim chairman, she said on Sunday in a document filed on the Shanghai Stock Exchange.

The news is expected to cast a shadow over the company’s share price, as investors could have concerns about the insurer’s corporate governance as well as the potential disruption to business caused by the change in CEO. , wrote analysts at Citigroup Inc. in a note.

But the investigation is expected to have “manageable impacts” on China Life’s operations, which have been primarily run by other executives as Wang, 64, nears retirement, said analysts, whose target price China Life’s Hong Kong-listed stock is HK $ 22. . The action closed at HK $ 13.46 on Friday.

Wang previously held positions at China Taiping Insurance Holdings and Bank of Communications Co. before becoming President of China Life. He had also worked at the central bank.

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