China Life’s Wang Bin Resigns as Chairman Amid Anti-Graft Probe – BNN

(Bloomberg) — China Life Insurance Co. Ltd. Chairman Wang Bin resigned, just six weeks after being placed under investigation by the nation’s top anti-graft watchdog. 

Wang resigned because he is not able to fulfill the role, according to an exchange filing from China’s biggest life insurer on Wednesday. The company plans to nominate a new chairman as soon as possible, according to the filing.

Wang is “suspected of serious violations of discipline and law, and is currently undergoing disciplinary review and investigation,” the China Central Commission for Discipline Inspection said in a statement last month, without disclosing more details.

China Probes Head of Top Life Insurer in Anti-Graft Campaign (2)

The move to investigate Wang, who headed the insurer with a market capitalization of around $110 billion, underscores how Chinese President Xi Jinping is pressing ahead with a drive to root out corruption.

China Life at the time said it would cooperate with investigations and supports Beijing’s actions to cleanse the country’s political and financial systems.

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