Caixin Explains: How Corrupt Officials Hide Their Wealth Overseas

China’s highest procuratorial authority announced Tuesday that Wang Bin, former party chief and ex-chairman of state-owned China Life Insurance (Group) Co., has been arrested on suspicion of taking bribes and concealing overseas savings.

The announcement (link in Chinese) came less than two weeks after the country’s top graft watchdog said Wang had been expelled from the Communist Party and dismissed from public office for serious duty violations and alleged bribery.