Lesson to be Learned from China ! As the result of 5 million USD Corruption in China Life Insurance, Chairman Wang Ping was Sentenced to Death

Kathmandu : China has a strict rules on corporate governance, due which it has ordered to give death penalty to the chairman who was found guilty on corruption of 5 million USD. 64-year-old Wang Ping, chairman of China Life Insurance Company and former chairman of China Taiping Insurance Group, was sentenced to two years in prison and then death penalty after an investigation by the National Regulatory Commission on charges of corruption and concealment of assets abroad.The investigation on Wang Ping, who is working in an important position in the Agricultural Development Bank of China, was started in January 2022 during the anti-corruption campaign of the Chinese government.

According to China Daily, Chinese government researchers discovered that Wang Ping, while working in various public companies, embezzled about 5 million US dollars and transferred it to a foreign bank and hid it in the name of a relative. During the investigation, it was revealed that he opened an account in a foreign bank in Hong Kong in the name of a relative and hid an amount equal to 56.4 million yuan.He was working as the chairman of China Life Insurance, the Beijing branch of Agricultural Development Bank, and resigned as the chairman of China Insurance Company in January 2022 after the Chinese government started an investigation.

At the same time, after his involvement was revealed, the Chinese government dismissed him from all public positions. In 2018, he became the chairman of the company and the head of the party. Before that, he was the chairman of China Taiping Insurance Group from 2012 to 2018. This news shows the reason for rapid development of China and Being a powerful nation in the world. Nepal also should learn lesson from China and bring hard and strict rules against Corruption as it has been the biggest problem in Nepal.