Ex-boss of PICC gets 11-year jail for bribery
Print Edition
Wang Yincheng, former president of the People鈥檚 Insurance Company (Group) of China Ltd, was sentenced to 11 years in prison yesterday for accepting bribes worth more than 8.7 million yuan (US$1.36 million).
Wang鈥檚 illegal gains will be retrieved and turned in to the national treasury. He was also fined 1 million yuan, according to a statement by the Intermediate People鈥檚 Court of Fuzhou in southeast China鈥檚 Fujian Province.
The court found that between 2006 and 2016, Wang took advantage of his positions at PICC and its subsidiary to seek illegal benefits by helping others obtain contracts, secure promotions, or seek jobs.
Wang accepted gifts and money worth more than 8.7 million yuan, either directly or through relatives, the statement said.
It said the court handed down the sentence while considering the fact that Wang confessed to his crimes, and had showed repentance.
He was placed under investigation for 鈥渟uspected serious disciplinary violation鈥 by the Central Commission for Discipline Inspection of the Communist Party of China in February 2017.
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