Recently, former Chairman of New China Insurance, Li Quan, was prosecuted for alleged corruption and bribery.
According to a report from the Supreme People’s Procuratorate of the Chinese Communist Party on January 15th, the investigation into the case of Li Quan, former Party Secretary and Chairman of New China Life Insurance Co., Ltd., on suspicion of corruption and bribery has concluded. The case has been designated for review and prosecution by the Jinan City Procuratorate in Shandong Province. Recently, the prosecution has filed charges with the Jinan Intermediate People’s Court.
The prosecution alleges that Li Quan, taking advantage of his positions as the CEO and Chairman of New China Asset Management Co., Ltd., as well as Chairman of New China Asset Management (Hong Kong) Co., Ltd., misappropriated a large sum of the company’s assets for his own gain. He exploited his positions to seek benefits for others and received substantial bribes, leading to charges of corruption and bribery.
In April 2024, Li Quan was reported missing. On September 30th, the Chinese Communist Party officially announced the expulsion of Li Quan from the Party, revocation of his entitlements, and referral of the case to the judicial authorities for review and prosecution.
Public records show that Li Quan was born in 1963 with years of investment management experience and a deep understanding of the capital market. Before joining New China Insurance, he worked at Boshi Fund for over ten years. In 2010, Li Quan joined New China Insurance and served as the CEO of New China Assets.
From August 2019 to April 2023, Li Quan held the position of CEO at New China Insurance. On September 26th, 2022, he was elected as the Chairman of the seventh Board of Directors of New China Insurance. In April 2023, his qualification for the position was approved by the China Banking and Insurance Regulatory Commission.
Four months later, New China Insurance announced that Li Quan resigned from all positions in the company, including Chairman of the Board of Directors, Executive Director, Chief Executive Officer, Chairman of the Board’s Strategic Committee, member of the Investment Committee, member of the Risk Management and Consumer Rights Protection Committee, and all other related roles, citing age as the reason for his departure.