The former chairman of New China Life Insurance, Li Quan, was sentenced to death with a two-year repriev
e on corruption charges by a court in the Chinese province of Shandong, national broadcaster CCTV reported on Wednesday.
Li’s case adds to a growing list of senior financial executives caught in an intensified corruption crackdown on the sprawling financial sector since 2021.
In China, a suspended death sentence means the sentence will only be carried out if the offender commits further cr
imes during the reprieve period. If reprieved, it is commuted to a life prison sentence.
The court said Li took in more than 200 million yuan ($28 million) through embezzlement and bribes from 2010 to 2024, CCTV reported.
From June 2015 to March 2024, Li took advantage of his position as president and chairman of Xin
hua Asset Management and chairman of Xinhua Asset Management (Hong Kong) to misappropriate 1
08 million yuan through fraudulent schemes, the court said, according to the CCTV report.
Li was found to have colluded with others to illegally obtain b
usiness proceeds through deception and concealment during his tenure.
The court said Li accepted bribes worth 105 million yuan from 2010 to 2023.
See more beautiful photo albums Here >>>
Last year, a court in China’s Shandong province gave former Bank
of China 601988.SS chairman Liu Liange a suspended death sentence for bribery and illegal loan issuance.
($1 = 7.1092 Chinese yuan renminbi)
(Reporting by Ziyi Tang, Ryan Woo and Beijing Newsroom; editing by Andrew Heavens and Alex Richardson)
When asked about the next election, Texas voters ranked hom
eowners’ insurance costs as the second-biggest issue behind reduced health care prices. Four out of five voters resp
onded they were more likely to support a candida
te in favor of cutting homeowners’ insurance prices. Voters’ concern over their rising homeowners’ insu
rance costs (79%) slightly edged wishing for greater property tax relief (78%).
The Texas Voter
Poll was held by Texas 2036, a nonprofit and nonpartisan public
policy research and advocacy organization. The poll included 1,001 r
espondents and was recorded from Sept. 25 – Oct. 1, 2025.