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Reports: Chairman of Chinese life insurer resigns amid probe of unauthorized investments

Reports: Chairman of Chinese life insurer resigns amid probe of unauthorized investments

The chairman of China's fourth-largest life insurance company has resigned amid an investigation into unauthorized real estate investments, state media said Thursday.
The board of New China Life Insurance Co. has accepted chairman Guan Guoliang's resignation, the Xinhua News Agency reported.
The resignation was related to unauthorized investments, the report said, citing unnamed sources. It did not give any details.
The newspaper Financial News, controlled by China's central bank, reported that Guan was under investigation for unauthorized investments in the real estate market.
The Chinese business magazine Caijing said in October that regulators were investigating Guan and investments about which New China Life's board was unaware.
New China Life's shareholders include Zurich Insurance Co., the World Bank's International Finance Corp. and China's Shanghai Baosteel Group and Orient Group Inc., according to the company's Web site.


Updated : 2021-05-08 22:40 GMT+08:00