Apr 27, 2021 07:29 PM

J.K. Life Announces Changes at the Top in Wake of Embezzlement Scandal

Yu Weihong
Yu Weihong

What’s new: Scandal-hit insurer J.K. Life Insurance Co. Ltd. announced (link in Chinese) Friday that President Yu Weihong has left her position and Chief Investment Officer Wang Hongbin has been named the acting person in charge.

Several senior and mid-level executives have asked the insurance regulator for permission to leave their posts in the wake of the embezzlement scandal that has engulfed the Beijing-based company, sources with knowledge of the issue told Caixin previously, adding that authorities had been reluctant to approve their resignations. Yu has now been given the regulatory green light to depart, sources at the company said.

The context: Aluminum giant China Zhongwang Holdings Ltd., the parent of J.K. Life, allegedly embezzled tens of billions of yuan from the insurer in the last few years, Caixin previously reported (link in Chinese).

The insurance regulator removed J.K. Life Chairman Lu Changqing and board member Chen Yan from their positions in December, knowledgeable sources said. Lu is also chairman of Hong Kong-listed Zhongwang.

Related: Exclusive: Regulator Removes Insurer’s Chair in Embezzlement Scandal

Quick Takes are condensed versions of China-related stories for fast news you can use. To read the full story in Chinese, click here.

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