FINANCE

Exclusive: Disgraced Exec at Sino-French Insurer Likely Tied to Corrupt ICBC Officials

Published: Nov. 20, 2024 8:36 p.m. GMT+8

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Tao Zhongwei. Photo: File photo

A senior official at a Sino-French life insurer backed by Industrial and Commercial Bank of China Ltd. (ICBC) has fallen under a graft probe, in a case likely tied to two fallen officials at the state-owned banking giant, sources told Caixin.

Tao Zhongwei, a vice president of ICBC-Axa Assurance Co. Ltd., is being investigated by authorities for suspected corruption, according to a Friday announcement by the country’s top graft-buster.

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Tao Zhongwei, a VP at ICBC-Axa, is under investigation for suspected corruption, possibly linked to former ICBC officials Li Weiping and Gu Jiangang.
Both Li and Gu were previously implicated in corruption probes, with Li sentenced to over 10 years in prison; Gu was accused of embezzlement and taking bribes.
ICBC holds a 60% stake in the joint venture ICBC-Axa, with Tao's association with Gu at work possibly triggering her investigation.

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Who’s Who

Industrial and Commercial Bank of China Ltd.: Industrial and Commercial Bank of China Ltd. (ICBC) is the world's largest commercial bank by assets. Based in Beijing, it is a key stakeholder in ICBC-Axa Assurance Co. Ltd., holding a 60% share in the venture with French insurance giant Axa SA and two other Chinese companies. ICBC has been involved in corruption probes, particularly concerning officials managing personal finance and asset management departments.

ICBC-Axa Assurance Co. Ltd.: ICBC-Axa Assurance Co. Ltd. is a life insurance joint venture between Industrial and Commercial Bank of China (ICBC), French insurance giant Axa SA, and two other Chinese companies. ICBC holds a 60% stake, while Axa owns 27.5%. It was involved in a graft probe linked to senior officials suspected of corruption. Tao Zhongwei, a vice president, is under investigation, possibly connected to corruption cases involving former ICBC officials Li Weiping and Gu Jiangang.

Axa SA: Axa SA is a French insurance giant that holds a 27.5% stake in ICBC-Axa Assurance Co. Ltd., a joint venture with the Industrial and Commercial Bank of China (ICBC) and two other Chinese companies.

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What Happened When

1993：: Tao Zhongwei joined Industrial and Commercial Bank of China (ICBC).

2005：: Tao started working in ICBC's headquarters' personal finance department.

2016：: Tao rose to become a sales expert in ICBC's headquarters' personal finance department. Gu Jiangang became general manager of ICBC's asset management department.