Ex-chief gets 6 years for insurer scam
By Li Qian |
March 3, 2012, Saturday
|
Print Edition
Print Edition
THE former chairman of China's fourth-biggest insurer has been sentenced to six years' jail for embezzling 200 million yuan (US$31.76 million) in what is being described as the biggest insurance case in China.
Guan Guoliang, 52, of New China Life Insurance Co, was arrested in 2007 on charges of siphoning off national assets during his eight-year tenure starting in 1996, Beijing Youth Daily reported yesterday, quoting the Beijing No. 2 Intermediate People's Court.
Preliminary investigation conducted by the China Insurance Regulatory Commission showed he had misused almost 13 billion yuan but prosecutors downgraded the claims, saying most of the money was identified as lending rather than embezzlement.
Due to complicated evidence, Guan had to wait five years before Wednesday's verdict. It's unclear whether he will appeal against court verdict.
Guan Guoliang, 52, of New China Life Insurance Co, was arrested in 2007 on charges of siphoning off national assets during his eight-year tenure starting in 1996, Beijing Youth Daily reported yesterday, quoting the Beijing No. 2 Intermediate People's Court.
Preliminary investigation conducted by the China Insurance Regulatory Commission showed he had misused almost 13 billion yuan but prosecutors downgraded the claims, saying most of the money was identified as lending rather than embezzlement.
Due to complicated evidence, Guan had to wait five years before Wednesday's verdict. It's unclear whether he will appeal against court verdict.
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