The former party chief and chairman of China Life Insurance has been arrested on suspicion of taking bribes and concealing overseas savings. On September 1, China's anti-graft watchdog the Central Commission for Discipline Inspection (CCDI) announced that Wang Bin was expelled from the party and dismissed from public office for bribery and corruption after the investigation started in January. The CCDI said that Wang was also found to have abused his power to seek benefit for others and to indulge his relatives in violating the law. Wang was involved in frequent shell stock transactions in Hong Kong over a long time, resulting in losses of around CNY30bn for China Taiping Insurance. The former chairman worked in the banking industry for more than 20 years, taking senior roles in financial institutions.
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