Former China Life President Expelled From Communist Party After Corruption Probe
Key Highlights
- China’s top anti-graft body has expelled former China Life president Yang Chao from the Communist Party.
- Investigators found that Yang accepted bribes and abused his authority in recruitment and promotion decisions.
- The case adds to Beijing’s broader crackdown on corruption within state-owned financial institutions.
China’s anti-corruption watchdog has expelled Yang Chao, the former president of state-owned insurer China Life Insurance, from the Communist Party after concluding a disciplinary investigation into serious violations, according to a statement released on Friday.
Anti-Graft Watchdog Acts Against Senior Insurance Executive
Yang, who also served as the Communist Party secretary at China Life, was found to have accepted bribes and kickbacks while abusing his authority in personnel appointments, the Central Commission for Discipline Inspection (CCDI) said. The watchdog added that Yang allowed members of his family to exploit his position and influence for personal benefit.
Former China Life president expelled from Communist Party after corruption probe https://t.co/HXlXEeUGQt
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The expulsion marks the most severe internal disciplinary punishment under the Communist Party’s rules and typically precedes criminal prosecution by judicial authorities, as reported by Reuters.
Findings Point to Abuse of Power and Personal Gain
According to the CCDI, Yang used his senior roles at the country’s largest life insurer to intervene in recruitment and promotion decisions in exchange for financial benefits. The agency said such conduct violated Party discipline and national laws, undermining corporate governance at a key state-owned financial institution.
The watchdog did not disclose the total value of bribes involved but said Yang’s actions had caused “serious harm” to the integrity of the financial system. His case has now been transferred to prosecutors for further legal action, in line with standard anti-corruption procedures.
China Life Insurance, listed in Shanghai and Hong Kong, has not issued a public statement in response to the announcement.
