Former China Taiping Insurance deputy general manager handed life sentence for bribery

ZHENGZHOU, Jan. 13 (Xinhua) -- Xiao Xing, a former deputy general manager of state-owned China Taiping Insurance Holdings Company Limited, was on Monday sentenced to life in prison for taking bribes.

Xiao was also deprived of political rights for life and all of his personal property will be confiscated, according to the sentence handed down by the Xinxiang Intermediate People's Court in the central Henan Province.

The court found that between 1998 and 2023, Xiao had taken advantage of his various positions, including posts at the Shanghai municipal committee of the Communist Youth League of China and several major financial institutions, to benefit others in terms of financing, obtainment of loans, business cooperation and employment.

In return, Xiao had accepted money and valuables worth over 81.48 million yuan (about 11.33 million U.S. dollars), the verdict read, adding that his illegal gains had been recovered and would be turned over to the state treasury.

Xiao was granted a lenient sentence, given certain facts, including his willingness to cooperate with investigators and return illegal gains, the court noted.