A former chairman of New China Life Insurance has been handed a death sentence with a two-year reprieve on corruption charges, according to a Reuters report that cited China's national broadcaster CCTV.
The sentence was given to Li Quan in Shandong province. Mr Li is the latest financial executive caught in an intensified anti-corruption crackdown on China’s sprawling financial sector since 2021.
CCTV reported that the court said Li stole more than CNY 200m ($28m) from 2010 to 2024. Using his roles at Xinhua Asset Management and its Hong Kong branch, he misused CNY 108m through scams between 2015 and 2024.
In China’s legal system, a death sentence can be suspended, with execution dependent on the prisoner’s behaviour during a review period. If they avoid further violations, the sentence is commuted to life imprisonment.