What’s new: A former department head of the company behind China’s insurance industry bailout fund had hidden assets overseas and failed to disclose his children’s residency status in Hong Kong, the country’s top graft buster said Wednesday.
Fu Fei, 51, was expelled from the Communist Party and removed from his post at China Insurance Security Fund Co. Ltd. (CISF), the Central Commission for Discipline Inspection said in a notice. The state-owned enterprise (SOE) is wholly owned by the Ministry of Finance.
Fu was also found to have abused his position for the benefit of others in exchange for expensive gifts, the notice said.
The background: Revised national rules issued in 2017 require centrally administered SOEs’ leaders and middle management to declare any overseas bank accounts and investments, as well as their spouse’s and children’s overseas residency status.
Fu, a Hainan province native, joined CISF when the company was set up in 2008. He was in charge of its corporate risk disposal and legal affairs from 2016 to 2021.
In February 2018, he became a deputy leader of a task force created to take over Anbang Insurance Group Co. Ltd., a financial conglomerate led by its now-imprisoned founder Wu Xiaohui. Regulators saw Anbang’s reckless debt-fueled expansion as a threat to the country’s financial stability.
Fu was placed under investigation in June. At the time, sources told Caixin that the investigation could be related to his work during the state takeover of Anbang.
Related: Ex-Deputy of Anbang Takeover Task Force Falls Under Graft Probe
Contact reporter Kelsey Cheng (kelseycheng@caixin.com) and editor Michael Bellart (michaelbellart@caixin.com)
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