Former chairman of China Life Insurance sentenced to death with reprieve
Wang Bin, former Party chief and chairman of China Life Insurance (Group) Company, was on Tuesday sentenced to death with a two-year reprieve for accepting bribes and concealing overseas savings.
The judgment was issued by the Intermediate People's Court of Jinan in east China's Shandong Province.
Between 1997 and 2021, Wang took advantage of his positions at various financial institutions to seek benefits for others, and in return he illegally accepted money and valuables worth 325 million yuan (US$45 million) either directly or through his relatives, the judgment said.
He was also found guilty of depositing foreign currency worth 56.42 million yuan into accounts opened by his relatives in Hong Kong starting in January 2012, and of concealing the savings, which violated relevant foreign exchange management regulations and rules for state functionaries, according to the court.
The defendant has been deprived of his political rights for life and his personal properties have been confiscated, according to the decision.
After the two-year reprieve, Wang's death sentence can be commuted to life imprisonment in accordance with the law, but no further reduction or parole shall be granted, the court said.