Former state-owned insurance company head sentenced over bribes

Wang was found using his positions to provide help for others in securing contracts, promotions and landing jobs from 2006 to 2016.
People's Daily

Wang Yincheng is tried at Fuzhou Intermediate People’s Court on Thursday.

A Chinese court has sentenced Wang Yincheng, the former president of a state-owned insurance company, to 11 years in prison for taking over 8 million yuan (US$1.25 million) in bribes on Thursday, the People's Daily said.

Wang, former deputy secretary of the CPC Committee of the People's Insurance Company (Group) of China Ltd and president of the company, was fined 1 million yuan. His illegal gains were confiscated, Fuzhou Intermediate People’s Court in Fujian Province said.

Wang was found to have used his positions to provide help for others in securing contracts, promotions and employment from 2006 to 2016. He accepted 8.70 million yuan himself or through his relatives, the court heard.

Wang said he won’t appeal the ruling, People’s Daily reported.

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