Wang Bin, former chairman of China Life Insurance (Group) Company, was sentenced to death with a reprieve in the first trial
On September 12, 2023, the Intermediate People's Court of Jinan City, Shandong Province, publicly announced the verdict on the case of Wang Bin, former Party Secretary and Chairman of China Life Insurance Company, accepting bribes and concealing overseas deposits. The defendant Wang Bin was sentenced to death on charges of bribery, with a two-year suspension of execution, deprivation of political rights for life, and confiscation of all personal property. After the two-year suspension of his death sentence was lawfully reduced to life imprisonment, he was sentenced to life imprisonment without commutation or parole. He was sentenced to one year of imprisonment for the crime of concealing overseas deposits, and decided to execute the death penalty with a two-year suspension of execution, deprivation of political rights for life, and confiscation of all personal property. After the two-year suspension of his death sentence was lawfully reduced to life imprisonment, he was sentenced to life imprisonment, but not to life imprisonment. Reduction of sentence or parole; The confiscated, confiscated, and frozen bribery proceeds and their fruits obtained by Wang Bin shall be recovered and turned over to the national treasury. Any shortfall shall continue to be recovered.
After trial, it was found that from 1997 to 2021, the defendant Wang Bin took advantage of his position as Deputy Secretary and Vice President of the Party Group of the Jiangxi Branch of the Agricultural Development Bank of China, Secretary and President of the Party Committee of the Beijing Branch of the Bank of Communications, Member and Vice President of the Party Committee of the Bank of Communications, Chairman of the Bank of Communications International Trust Co., Ltd., Secretary and Chairman of the Party Committee of China Taiping Insurance Group Co., Ltd., and Secretary and Chairman of the Party Committee and Chairman of China Life Insurance Company and Chairman of Guangfa Bank, as well as the convenience of his power and position, to provide assistance to relevant units and individuals in matters such as loan financing, project cooperation, and personnel arrangements. He illegally received property, directly or through his relatives, totaling more than 325 million yuan. Starting from January 2012, Wang Bin violated the national foreign exchange management system and the overseas deposit declaration system for state employees, depositing a total of more than RMB 56.42 million in foreign currency into the bank and securities accounts opened by his relatives in Hong Kong, concealing and not reporting.
The Intermediate People's Court of Jinan City believes that the defendant Wang Bin's behavior constitutes the crime of bribery and the crime of concealing overseas deposits. Wang Bin's bribery amount is particularly huge, the criminal circumstances are particularly serious, and the social impact is particularly severe, causing significant losses to the interests of the country and the people. He should be sentenced to death if convicted; Wang Bin's crime of concealing overseas deposits is self surrender, and he can be given a lighter punishment, and he will be punished together with his bribery crime. Considering that Wang Bin truthfully confessed his crimes, confessed and repented, actively returned the stolen goods, and had a statutory and discretionary lenient punishment, he was sentenced to death without immediate execution. At the same time, based on the facts and circumstances of Wang Bin's crime, it has been decided that after his death penalty is suspended for two years and reduced to life imprisonment in accordance with the law, he will be sentenced to life imprisonment without commutation or parole. The court then made the above judgment.
