Wang Bin, former party chief and chairman of China Life Insurance (Group) Company, has been indicted by a Chinese procuratorate for suspected bribe-taking and concealment of overseas savings.

The Supreme People’s Procuratorate (SPP) disclosed this in a statement on Thursday.

According to the statement, Mr Wang took advantage of his posts at various financial institutions, including those at the Jiangxi Branch of the Agricultural Development Bank of China, to seek benefits for others.

In return, SPP said in the statement that he accepted an “especially huge amount’’ of money and gifts.

Also, Mr Wang was accused of concealing a large amount of overseas savings and violating relevant rules for a state functionary.

Mr Wang’s case has been filed by the Jinan City procuratorate in Shandong Province at the city’s intermediate court.

The statement said prosecutors had informed him of his litigation rights and interrogated him. 

(Xinhua/NAN)