China will prosecute the former president of the People’s Insurance Co. (Group) of China Ltd. after an investigation found he engaged in corrupt practices including bribery, Reuters reports, citing the ruling Communist Party.
The party’s corruption watchdog said Wang Yincheng, who was also the vice-chairman and executive director of People’s Insurance, had been expelled from the party for “serious discipline violations,” the usual euphemism for corruption.
In a notice on its official website, the Central Commission for Discipline Inspection said Wang interfered with inspections and audits, corroborated with corrupt officials, used public funds to pay for personal holidays and took bribes.
His case will be handed over to judicial authorities, the commission said, meaning he will be prosecuted.
President Xi Jinping’s corruption campaign has netted leading officials in the country’s finance sector from bank chiefs to financial regulators.
People’s Insurance said in February that Wang was under investigation for suspected serious disciplinary violations.
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