Wang Yincheng, former president of the People's Insurance Company (Group) of China (PICC), was sentenced yesterday to 11 years in prison for accepting bribes of over CNY8.7 million ($1.36 million).
Wang's illegal gains will be confiscated and turned in to the national treasury. He was also fined CNY1 million, reports the Xinhua news agency citing a statement by the Intermediate People's Court of Fuzhou in 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 over CNY8.7 million, either directly or through relatives, the statement said.
The court handed down the sentence while considering the fact that Wang confessed to his crimes, showed repentance, and was cooperative in giving up all his illegal gains.
Wang pleaded guilty in court and said he would not appeal against the conviction.
He was placed under investigation for "suspected serious disciplinary violation" by the Central Commission for Discipline Inspection of the Communist Party of China in February 2017.
Wang is the latest senior financial executive to be caught in Chinese President Xi Jinping's fight against corruption. Earlier this month, Anbang Insurance Group's ex-chairman Wu Xiaohui, was jailed for 18 years for fraud and embezzlement involving more than $10 billion.