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Flies and Tigers | 抓蝇打虎

Top insurance official under investigation

Source: Agencies | February 24, 2017, Friday | Print Edition

THE vice chairman of state-owned People’s Insurance Group of China is being investigated for alleged discipline violations, the ruling Communist Party’s anti-corruption watchdog said yesterday, employing the usual euphemism for corruption.

Wang Yincheng is the latest senior official of a state-owned enterprise to be enmeshed in the sweeping campaign against corruption, which has already caught up bankers and telecoms employees, among others.

Wang is “suspected of serious violation of discipline,” the Central Commission for Discipline Inspection said in a statement on its website, without giving details.

Past use of such phrasing on violations has generally referred to corruption.

The move confirms a January report in business daily Caixin that Wang, 57, had been taken away from the insurer’s Beijing headquarters for investigation during a normal office day.

One of China’s largest insurers, PICC has a market capitalization of around 159 billion yuan (US$23 billion) and offers numerous products ranging from life and property to health care.

Last July, Chang Xiaobing, the former chief executive and chairman of China Telecom Corp, was expelled from the Communist Party for graft.

PICC’s Hong Kong shares were down 0.17 percent yesterday at HK$12 (US$1.55) each.

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