Prosecutors indict former chairman of China Life Insurance

BEIJING, Jan. 19 (Xinhua) -- Wang Bin, former Party chief and chairman of China Life Insurance (Group) Company, has been indicted by a Chinese procuratorate for suspected crimes of taking bribes and concealing overseas savings, the Supreme People's Procuratorate (SPP) said in a statement Thursday.

The indictment said Wang had taken advantage of his posts at various financial institutions, including those at the Jiangxi branch of the Agricultural Development Bank of China, the Bank of Communications, and the China Life Insurance (Group) Company, to seek benefits for others. In return, he accepted an "especially huge amount" of money and gifts, an SPP statement said.

Also, Wang was accused of concealing a large amount of overseas savings, violating relevant rules for a state functionary, the SPP said.

Wang's case has been filed by the Jinan city procuratorate in Shandong Province to the city's intermediate court.

The SPP statement said prosecutors had informed the defendant of his litigation rights, interrogated him, and listened to the lawyers' opinions.