China’s top anti-graft watchdog is probing the chairman of the nation’s largest insurance firm, in a landmark example of Beijing’s growing crackdown on the financial sector.
China Life chairman Wang Bin is «suspected of serious violations of discipline and law, and is currently undergoing disciplinary review and investigation», according to a statement from the China Central Commission for Discipline Inspection which did not further disclose any details.
According to an exchange filing over the weekend, China Life Life said it will decide on an acting chairman in the near future.
Financial Crackdown
Wang will now be the largest financial figure under scrutiny since Beijing stepped up an anti-corruption crackdown in the sector in October.
During this period, more than 20 officials have faced regulatory action in mainland China.
In a separate statement, China Life also said it supported Beijing’s actions to «cleanse the nation’s political and financial systems».
