China's anti-graft watchdog said on Friday that the former president of insurer PICC Property and Casualty Co had been expelled from the Communist Party and dismissed from the company for severe violations of law and discipline.
Lin Zhiyong, who is also former Party Secretary of PICC P&C, was found to have abused his power and taken bribes, China's Central Commission for Discipline Inspection (CCDI) said in a statement on its website.
The CCDI said Lin had acted arbitrarily in major business decisions, resulting in heavy losses of state-owned assets.
His illegal gains will be confiscated and the case will be transferred to judicial bodies for investigation, it said.
Lin,60, was put under investigation in May.
(Reporting by Ziyi Tang and Ryan Woo; Editing by Gareth Jones)
