China arrests former insurance executive as anti-corruption campaign sweeps finance sector
Li Quan, former chair of New China Life Insurance, is accused of embezzlement and bribery and has been expelled from Communist Party
According to the Supreme People’s Procuratorate, Li is accused of serious violations, including severe breaches of party discipline and abuse of power, following an investigation by the National Supervisory Commission that concluded in late September.
Li is accused of ignoring regulations by accepting invitations that could compromise his impartiality, breaching organisational principles to benefit others in hiring processes, and profiting from inappropriate financial activities through his position at a state-owned enterprise, according to a statement released on Saturday.
“With no regard for legal or ethical boundaries, he shamelessly ‘relied on finance to exploit finance’, engaged in transactions of power and money, used his positional advantages to benefit others in business operations and investment opportunities, and illegally accepted large sums of money,” it said. “He arbitrarily embezzled public property, which caused significant losses to the state and the public.”
Born in 1963, Li held various senior roles in the financial sector after obtaining a master’s degree in economics from the People’s Bank of China Graduate School in 1988.
