Former PICC president reportedly pleads guilty in $1.4m bribe case

Wang Yincheng, former president of the state-owned People's Insurance Company of China (PICC), has pleaded guilty in a trial on the charge of accepting bribes, according to an April 16 report by the country’s official press agency Xinhua.

Prosecutors accused Wang of accepting money and gifts worth more than ¥8.7 million (about $1.4 million) between 2006 and 2016 personally or through relatives.

During the period, Wang allegedly took advantage of his positions at PICC Property and Casualty Company and PICC to seek benefits for others obtaining contracts and seeking promotions.

Wang made a statement to the Intermediate People's Court of Fuzhou, pleading guilty and showing remorse, according to the report.

Wang 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, the report noted.

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