Reported 7 months ago
Under New Life Life Insurance's 'New Life Nanshan Fort Lively Living Park,' it's discovered that violations of the Securities and Exchange Act have taken place, resulting in summoning of 19 individuals including New Life Life Insurance's former chairman Wu Dongjin. Allegations include unauthorized additional project budget, providing 'senior living homes' for related enterprises' use, and falsely reporting breakfast expenses, causing New Life Life Insurance to lose nearly 1.5 billion. Following questioning, Wu Dongjin was ordered to pay 100 million for bail. The case involves illegal fund transfers and additional construction projects for the benefit of a fitness company, unbeknownst to the board, totaling over 120 million; the building was even rented out to a hotel company, providing 938 rooms for related companies' use, causing New Life Life Insurance to lose over 3 million in rental income. Multiple suspects were brought in for questioning, with varying bail amounts set in light of the seriousness of the charges.
Source: YAHOO