Former PICC P&C president expelled from Chinese Communist Party

PICC Property And Casualty

06/01/2023 11:13

BEIJING, Jan 6 (Reuters) - China's anti-graft watchdog
said on Friday that the former president of insurer PICC
Property and Casualty Co  2328.HK  had been expelled from the
Communist Party and dismissed from the company for severe
violations of law and discipline.
    Lin Zhiyong, who is also former Party Secretary of PICC P&C,
was found to have abused his power and taken bribes, China's
Central Commission for Discipline Inspection (CCDI) said in a
statement on its website.
    The CCDI said Lin had acted arbitrarily in major business
decisions, resulting in heavy losses of state-owned assets.
    His illegal gains will be confiscated and the case will be
transferred to judicial bodies for investigation, it said.
    Lin,60, was put under investigation in May. 
 (Reporting by Ziyi Tang and Ryan Woo
Editing by Gareth Jones)
 ((Ziyi.Tang@thomsonreuters.com;))