Wed, Aug 21, 2013 - Page 15 News List

Police take Chinese runaway executive Chen back from Fiji

AFP, SHANGHAI

A Chinese insurance executive who allegedly took 500 million yuan (US$82 million) from her company and fled the country has been escorted back from Fiji by police, state media reported.

Chinese police tracked down the former general manager of the Shanghai Fanxin Insurance Agency (上海泛鑫保險代理), Chen Yi (陳怡), with the help of Interpol, Xinhua news agency said.

China’s insurance regulator said last week that Fanxin sold investment schemes without authorization.

So-called wealth management products are loosely regulated in China and have found favor with investors looking for higher returns than bank deposits and securities.

Media reports said Chen was rumored to have fled with tens of millions of dollars, reportedly bound for Canada.

The China Insurance Regulatory Commission said it would cooperate with police and protect the interests of consumers, a statement said.

The case was reported to police last week, Xinhua said, quoting the Ministry of Public Security.

Fanxin is mainly engaged in life insurance intermediary business and claims to have sold more than 480 million yuan worth of insurance policies last year alone.

The Shanghai Daily newspaper said Fanxin partnered with Sunshine Insurance Group (陽光人壽保險), Kunlun Health Insurance Co (昆侖健康保險), Taikang Life Insurance Co (泰康人壽保險) and Happy Life Insurance Co (幸福人壽保險).

It said other partners were two Sino-foreign joint ventures: one set up by Canada’s Sun Life and Chinese financial giant Everbright Group (光大集團), and a venture between Dutch insurance group Aegon and Chinese energy giant CNOOC (中國海洋石油).

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