The Shandong Provincial People's Procuratorate has ordered the arrest of Li Quan, former chairman of New China Insurance, for suspected embezzlement and bribe-taking. The insurer, listed in Hong Kong and Shanghai, is one of the biggest life insurance companies in China.
His case was investigated by the National Commission of Supervision before it was handed over to prosecutors, reported Xinhua News Agency citing a statement issued by the procuratorate.
On 30 September 2024, the Central Commission for Discipline Inspection and the National Supervisory Commission announced that Li was expelled from the Party for serious violations of discipline and law.
Investigations found that Li had resisted organisational reviews; repeatedly accepted banquets that may affect the impartial performance of official duties; violated organisational principles and illegally sought benefits for others in employee recruitment; illegally accepted gifts and cash, exploited working in state-owned financial institutions to engage in profit-making activities; illegally took up part-time jobs and received excessive salaries; engaged in power-for-money transactions, used his position to seek benefits for others in business operations and investment opportunities, illegally accepted huge amounts of property; wantonly embezzled public property, causing major losses to the state and the people.
The authorities also withdrew the benefits Li enjoyed and confiscated his illegal gains.
Li was considered a veteran of New China. He served as the president of New China Asset Management Co, a subsidiary of New China, starting in 2010. In August 2019, he was promoted to be the CEO and president of New China. In September 2022, he was appointed acting chairman of New China and was made the chairman of the life insurer in April 2023. On 22 August 2023, Li resigned from all positions including chairman, executive director, and CEO of New China due to his age.
Li is not the only ex-chairman of New China to be arrested and found guilty of graft. In December 2023, Wan Feng, a former party committee secretary and chairman of New China, was sentenced to six years and six months in prison and a fine of CNY700,000 ($99,000) for taking bribes.