Ex-Insurance Bailout Fund Official Hid Assets Overseas, Beijing’s Probe Shows

What’s new: A former department head of the company behind China’s insurance industry bailout fund had hidden assets overseas and failed to disclose his children’s residency status in Hong Kong, the country’s top graft buster said Wednesday.

Fu Fei, 51, was expelled from the Communist Party and removed from his post at China Insurance Security Fund Co. Ltd. (CISF), the Central Commission for Discipline Inspection said in a notice. The state-owned enterprise (SOE) is wholly owned by the Ministry of Finance.