The former president of China Life Insurance, Yang Chao, has been expelled from the Communist Party following a corruption investigation by China’s top anti-graft body.
In a statement released on Friday, the Central Commission for Discipline Inspection (CCDI) said Yang was found to have committed multiple violations, including accepting bribes while serving as president and Communist Party chief of the state-owned insurance firm.
The watchdog said Yang took kickbacks in exchange for assisting others with recruitment and promotions, and also allowed family members to exploit his position and influence for personal gain.
According to the CCDI, all illicit proceeds linked to the case have been confiscated, and the matter has been handed over to prosecutors for further legal action.
