Wang Bin, former Party chief and chairman of China Life Insurance (Group) Company, has been prosecuted for taking bribes and concealing overseas savings, the Supreme People's Procuratorate (SPP) said in a statement on Thursday.

File photo: IC

According to the notice, Wang has taken “a significant amount” of bribes by using the power and influence of his positions at different banking institutions. As a former administrative officer, he also committed the crime of concealing deposits abroad.

Wang was arrested in last September on suspicion of corruption. Under the designation of the SPP, the People’s Procuratorate in Jinan of Shandong Province has initiated a prosecution at the Intermediate People’s Court of the city.