Wang Yincheng, former president of People's Insurance Co. (Group) of China Ltd., was sentenced to 11 years in prison after the Intermediate People's Court of Fuzhou in China's Fujian Province found him guilty of accepting bribes, Xinhua News Agency reported May 24, citing a court statement.
The court also imposed a fine of 1 million yuan on Wang, who expressed regret and pleaded guilty during the trial. The former executive will not appeal the conviction, the publication noted.
Wang's trial began April 16 when court prosecutors said Wang took advantage of his roles at state-owned PICC Group and subsidiary PICC Property & Casualty Co. Ltd. by helping others gain an unfair advantage in their jobs between 2006 and 2016. Wang allegedly accepted gifts and cash worth more than 8.7 million yuan, either directly or through relatives, according to the statement.
The country's Central Commission for Discipline Inspection placed Wang under investigation in February 2017 for a "suspected serious disciplinary violation."
As of May 24, US$1 was equivalent to 6.38 Chinese yuan.
