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Top eight insurance executives under spotlight in 2008

By Li Huayu (chinadaily.com.cn)
Updated: 2009-01-06 15:02

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In 2008, China's insurance industry maintained a sound growth momentum despite pressures from the international financial crisis and domestic economic difficulties. Meanwhile, some company executives have come under the spotlight for their career stories.

1. Ma Mingzhe's pay questioned

Ever since Ma Mingzhe was named China's "highest paid chairman" by Forbes magazine, his company, Ping An, has faced hard times. His pre-tax salary has increased 394 percent to 66 million yuan ($9.64 million) but his company's shares have plummeted. Ping An shares fell from a peak of nearly 150 yuan last October to 50 yuan in April 2008.

In a Sina.com survey, 93 percent of people said they did not approve of the company's executive pay practices. The controversy raises concerns about the rising income disparity between executives and ordinary employees in China.

2. Guan Guoliang interrogated for embezzlement

On November 25 2008, Guan Guoliang, former chairman of New China Life Insurance Co., appeared on the Beijing No 2 Intermediate People's Court for interrogation. He was arrested one year ago for alleged misuse of almost 13 billion yuan during his eight year tenure as the company's chairman.

The embezzled funds were said to have flowed into the pockets of Guan's "interested partners" in order for them to become controlling shareholders of New China Life, which was established by Guan in August 1996.

However, at the court date, Guan absolutely denied the allegations of misappropriating 3 million yuan and embezzling 261 million yuan, saying those funds were used to serve his company's interests.

3. Tang Ruoxi investigated for illegal insurance services

On the heels of Guan Guoliang's arrest, Tang Ruoxi, Party secretary and general manager of Sinosure, was investigated. In April, Tang was deposed by the insurance watchdog for illegal insurance services.

Insiders predict that Sinosure's export credit insurance contract with ST Hongsheng Tech might have played a role. On March 14, Hongsheng announced that its chairman Long Changsheng was detained for the alleged evasion of foreign exchange, false capital contribution, and capital flight. Later, Sinosure's four senior employees were scrutinised as part of the same investigation.

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The full text is available in the December Issue of China Insurance.Please visit publications for more subscription details.

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