Jun 22, 2023 04:02 AM

FINANCE

Former New China Life Insurance Chief Accused of Bribery

By Wu Yujian and Han Wei

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Wan Feng

Wan Feng

Wan Feng, a former chairman of Hong Kong- and Shanghai-traded New China Life Insurance Co. Ltd., was expelled from the Communist Party on corruption allegations nearly six months after the insurance veteran disappeared from public sight.

Anti-graft investigators found that Wang, 65, took a “huge amount” of bribes for providing benefits to others in property investments, bank deposit deals and project contracts, the Central Commission for Discipline Inspection (CCDI), China’s top graft buster, said Wednesday in a statement.

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