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Vice Chairman of Chinese Insurance Company Taken Into Custody

By Yue Yue and Wu Gang

(Beijing) — A vice chairman of one of China’s biggest insurance companies, the People’s Insurance Company of China (PICC), was taken away as part of an investigation by authorities, sources told Caixin, but the reason for the action is unknown.

Insiders told Caixin that rumors that Wang Yincheng was being investigated had been circulating inside the company for nearly a year. They started after a team from the Communist Party’s Central Commission for Disciplinary Inspection (CCDI) finished its examination of the PICC in 2015. But Wang, who is also president of the state-owned insurance giant, continued to work at the company until being taken away from his office in Beijing on Monday.

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