2023-07-19 03:11:21
[NTDTimesBeijingtimeJuly192023]A few days ago, Xiao Xing, deputy general manager of China Taiping Insurance Group Co., Ltd. (hereinfollowing referred to as Taiping Insurance), was investigated, which aroused the attention of the financial circle. According to reports, Xiao Xing’s downfall may be related to the recent turmoil in Shanghai’s official circles.
The official website of the National Commission for Discipline Inspection of the Central Committee of the Communist Party of China announced on July 18 that Xiao Xing, a member of the Party Committee and deputy general manager of Taiping Insurance, was investigated for “suspicion of serious violations of discipline and law.”
According to public information, Xiao Xing, who was born in December 1971, worked in Shanghai for a long time. In 2005, he joined China Life Insurance Shanghai Branch and served as the general manager of China Life Insurance Shanghai Branch.
After entering Taiping Insurance in 2013, Xiao Xing held important positions in several subsidiaries of the group including asset management, pension, and financial services. He used to be the deputy general manager of Taiping Insurance Group, executive director and deputy general manager of Taiping Insurance Group, and concurrently served as secretary of the party committee and general manager of Taiping Pension Insurance from December 2021.
Taiping Insurance was included in the management of the Central Committee of the Communist Party of China in 2012, and was upgraded to a financial central enterprise at the vice-ministerial level.
Before Xiao Xing fell from the horse, there was already news of his loss of contact.
A number of people close to Taiping told Caixin.com that Xiao Xing was conducting party training at the National University of Defense Technology of China before the news of his disappearance.
A person familiar with the matter revealed that he was taken away on July 12. His disappearance may be related to the recent turmoil in Shanghai’s political arena and publicity system, or it may involve an investment project in Jiangxi, which was drawn into the case of Dong Yunhu and Cheng Feng.
On the evening of July 12, Dong Yunhu (61), secretary of the party group and director of the Standing Committee of the Shanghai Municipal People’s Congress, was investigated.
On July 13, Cheng Feng (51), chairman of The Paper Group and deputy general manager of Shanghai Press Industry Group, was investigated.
According to the above report, Xiao Xing has a close relationship with Cheng Feng. As the vice president of Shanghai Press Industry Group, Cheng Feng is not only in charge of infrastructure, but also in charge of foreign investment. According to reports, the fund investment that Cheng Feng is in charge of may have an interest relationship with Xiao Xing. One theory is that Xiao Xing is from Jiangxi, and the problematic investment project is related to Jiangxi.
According to the report, since Xiao Xing was promoted to the group leadership team in Taiping while Wang Bin was in office, some people familiar with Taiping also speculated that his problem may also be related to Wang Bin.
Before Xiao Xing fell, his boss Wang Bin had already fallen.
In January 2022, Wang Bin, Secretary of the Party Committee and Chairman of China Life Insurance (Group) Company, was investigated. He served as Chairman and Secretary of the Party Committee of Taiping Insurance from March 2012 to September 2018. During this period, Xiao Xing successively served as Secretary of the Party Committee and General Manager of Taiping Asset Management, and Deputy General Manager of Taiping Insurance Group.
Wang Bin has not yet been tried. In January this year, Wang Bin was prosecuted for the crime of accepting bribes and concealing overseas deposits.
On September 1, 2022, Wang Bin was double-opened. At that time, the official report of the CCP stated that Wang Bin not only created and magnified financial risks, but also engaged in financial corruption; Intervening in market economic activities, and illegally accepting huge amounts of property, etc.
According to a previous report by Caixin Weekly, the problems Wang Bin was investigated were mainly during his tenure as the vice president of Taiping Group and Bank of Communications, especially when he was the “top leader” of Taiping Group.
People close to the supervision said that following Wang Bin left Taiping Group, it was discovered that Taiping Group estimated that the actual loss was nearly 30 billion yuan, which far exceeded the data disclosed in the annual report. This black hole might not be covered up forever, which triggered the real-name report of relevant people to Wang Bin.
According to reports, the amount of money involved in the case of Wang Bin was quite huge, and a large number of gold bars were also confiscated from his home.
In addition, when Wang Bin was in charge of the Taiping Group, he had frequent contacts with some hunters and brokers in the Hong Kong stock market. He also had close contacts with Lai Xiaomin, the former chairman of Huarong Group, who was executed for bribery and other crimes.
Tang Renwu, dean of Beijing Normal University’s Institute of Government Management, told Lianhe Zaobao recently that Dong Yunhu’s investigation caused shock, not only because he was the first ministerial-level “tiger” since the 20th National Congress of the Communist Party of China, but more importantly, he was from Shanghai. The economic hub, and being investigated while in office, the impact far exceeds that of other officials who have been sacked recently.
Tang Renwu believes that following Dong Yunhu and Cheng Feng were sacked one following another, other officials in the Shanghai propaganda system will be investigated. This wave of anti-corruption campaigns targeting Shanghai’s propaganda outlets involves serving, relegated and retired officials at the same time.
(Editor in charge: Tang Zheng)
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