Top Chinese insurance official sacked for corruption

February 6th, 2009 - 1:23 pm ICT by IANS  

Beijing, Feb 6 (Xinhua) The head of the China Export and Credit Insurance Corporation has been removed from his post and the party membership over allegations of accepting bribes, the country’s insurer watchdog has said. The decision was taken Dec 2, 2008, the China Insurance Regulatory Commission (CIRC) said Thursday.

Tang Ruoxin, the party secretary and the general manager of the company, was arrested Aug 21, 2008 on bribery allegations. The insurance company is the country’s only policy-oriented export credit insurer.

After months of investigation, the CRIC has found that hefty state-owned assets were lost when Tang abused his power to benefit others. He and his family were allegedly accepting large amount of bribes.

Tang, who had been in the top position of the company since its establishment in 2001, allegedly offered credit guarantee to the Shanghai Hongsheng (Norcent) Technology Co, which lied to the bank and defaulted on a $245 million bank loan.

Tang was still under investigation, CRIC said.

CRIC chairperson Wu Dingfu said at an anti-corruption meeting held Thursday that the fight against corruption should be strengthened.

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