New China Life Insurance Co.(Êñ∞Âçé‰∫∫ÂØø‰øùÈô©ÂÖ¨Âè∏), part- owned by Zurich Financial Services AG, said Chairman Guan Guoliang quit amid a regulatory probe of alleged misuse of funds.
Guan left on Dec. 27 and his resignation was approved by the board, Li Qifu, spokesman of the Beijing-based company, said by phone today. Li declined to comment on the reason for Guan’s departure.
…Guan is being investigated for 800 million yuan ($102 million) of loans to three companies guaranteed by him, including 500 million yuan to Beijing Chengzhong Mansion Real Estate Co. that were not disclosed in the insurer’s annual report, China’s Caijing magazine reported in October. Another 1.34 billion yuan was transferred between New China Life and Chengzhong without proper documentation, the report said.
Click here to read the Chinese report
(Photo of Guan Guoliang)