China Life Group faces US$8 million in fines

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Last updated at: (Beijing Time) Thursday, April 08, 2004

China Life Group faces US$8 million in fines

The National Audit Office reported the parent company's illegal practices before China Life was restructured for its overseas share listings in New York and Hong Kong.

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The National Audit Office reported the parent company's illegal practices before China Life was restructured for its overseas share listings in New York and Hong Kong.

It's alleged that the parent company had underpaid and delayed payment of taxes, kept certain funds as "private reserves" for buying assets and paying benefits to employees, and violated insurance laws by using unqualified agents and overpaying refunds of premiums as well as annuity payments.

China Life Insurance says that it holds no liability for the alleged illegal practices.

The company is now confronted by a class-action lawsuit in the United States for "massive financial fraud."

U.S. regulators are conducting an informal probe.

Source: Xinhua

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