Wang Yincheng, former president of state-controlled People's Insurance Company (Group) of China (PICC) , has been expelled from the Communist Party of China (CPC) and dismissed from public office for violating the Party's code of conduct and corruption. He is accused of nepotism, as well as having used public funds to pay for personal holidays and taken bribes.
The CPC Central Commission for Discipline Inspection (CCDI), which is the party's corruption watchdog, made the announcement yesterday, following an investigation authorised by the CPC Central Committee, reported the Xinhua News Agency.
Wang was former deputy secretary of the party committee of PICC, as well as vice chairman and president of the company.
The investigation found that Wang had flouted frugality rules by frequenting golf clubs and allowing subsidiary companies to pay for his personal travel fees.
He had even changed the route of an overseas business trip just to play golf, said the CCDI statement.
Wang was also found to have traded power for money, inserted relatives into the PICC against the rules, allowed them to use his influence to seek profits, according to the CCDI.
Wang was found to have interfered with the Party's inspection and audit, as well as resisting investigation, according to the CCDI.
The Commission said that Wang had lost his belief in communism and had practised "superstitious activities" against the Party requirement for atheism.
The statement said that as a senior official of the CPC, Wang had lost his values, seriously violated the Party's code of conduct, and did not cease his inappropriate behaviour after the CPC 18th National Congress in 2012 when the new leadership launched the anti-corruption campaign which is ongoing.
The CPC Central Committee has approved his expulsion from the Party and the State Council has confirmed his removal from public office.
Wang's illegal gains will be confiscated and his case will be transferred to judicial organs for investigation and prosecution. The CCDI announced an investigation into Wang in February.