China to prosecute ex-chief of People’s Insurance after corruption probe

(Reuters) — China will prosecute the former president of the People's Insurance Co. (Group) of China Ltd. after an investigation found he engaged in corrupt practices including bribery, the ruling Communist Party said on Wednesday.

The party's corruption watchdog said Mr. Wang, who was also the vice-chairman and executive director of People's Insurance, had been expelled from the party for "serious discipline violations," the usual euphemism for corruption.

In a notice on its official website, the Central Commission for Discipline Inspection said Mr. Wang interfered with inspections and audits, corroborated with corrupt officials, used public funds to pay for personal holidays and took bribes.

His case will be handed over to judicial authorities, the commission said, meaning he will be prosecuted.

It was not possible to reach Mr. Wang for comment and unclear if he has been allowed to retain a lawyer.

The party controls the legal system so it is unlikely that the courts will challenge the charges against Mr. Wang. In such cases, the defendant is usually found guilty.

President Xi Jinping's corruption campaign has netted leading officials in the country's finance sector from bank chiefs to financial regulators.

People's Insurance said in February that Mr. Wang was under investigation for suspected serious disciplinary violations.