Reported about 1 year ago
New Board Jay Bao, a subsidiary under New Life Insurance, was found by the FSC recently to have violated multiple deficiencies in its lease transactions. Suspected of illegal activities, the prosecutor's office summoned former New Light Finance Chairman Wu Dongjin and others as defendants to explain the violations, while New Light Finance Control released a statement emphasizing that the search and investigation procedure by the investigation bureau does not affect the company's operations. There were a total of 17 people summoned after searches were conducted at 18 locations, including New Light's headquarters, Jay Bao, Wu Dongjin's home, and the insurance building. New Life Insurance, the parent company of New Light Finance, stated that the investigation at the life insurance company had no impact on its financial business operations and was unrelated to the company's operations.
Source: YAHOO