Ex-Boss of New China Life Receives 6.5-Year Jail Term for Bribery

Wan Feng, the former chairman of New China Life Insurance Co. Ltd., traded on the Hong Kong and Shanghai stock exchanges, has been convicted of accepting 12 million yuan ($1.7 million) in bribes and sentenced to six and a half years in jail.

Wang, who also served as the state-owned insurer’s Communist Party chief, exploited his official position to seek benefits for others in exchange of bribes, a court in Shandong ruled.