Reported 7 months ago
Former Chairman of Shin Kong Life Insurance, Wu Dong Jin, was brought in for questioning in connection to a scandal involving extravagant decorations paid by the company for leased buildings which resulted in over a billion yuan in losses, leading to charges of breach of trust under the Insurance Law against Wu and 17 others. Wu, the eldest son of the late founder of Shin Kong Group, was granted bail of over one billion yuan and is awaiting funds raised by his family. The case revolves around leasing properties to related enterprises and providing uncompensated accommodations, causing substantial financial losses for the company. The actions of the high-ranking officials at Shin Kong Life Insurance were condemned by the court for violating the company's interests and faced severe punishment to maintain financial market fairness and justice.
Source: YAHOO