Former PICC president charged with bribery

Wang Yincheng, former president of the People's Insurance Company (Group) of China Limited (PICC), has been charged with bribery, the Supreme People's Procuratorate (SPP) said on Friday.

The indictment has been delivered to the Intermediate People's Court of Fuzhou by the Fuzhou People's Procuratorate in Fujian Province.

Wang was accused of taking advantage of his posts to seek profits for others and accepting a huge amount of money or gifts in return, said the indictment.

Wang was placed under investigation for "suspected serious disciplinary violation," by the Central Commission for Discipline Inspection of the Communist Party of China in February 2017.