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on september 30, according to the website of the central commission for discipline inspection and the national supervisory commission, the central commission for discipline inspection and the national supervisory commission launched a case review on li quan, former party secretary and chairman of xinhua life insurance co., ltd. (hereinafter referred to as "xinhua insurance"), for serious violations of disciplines and laws. investigation.

at this point, the inside story of the "fall" of li quan, the former chairman of xinhua insurance, who was rumored to have "lost contact" after his retirement, emerged!

li quan, once a famous figure in xinhua insurance, i think back then, li quan was quite powerful.

public information shows that li quan was born in august 1963. in 1985, he graduated from the school of finance of renmin university of china with an undergraduate degree. in 1988, he graduated from the monetary banking department of the graduate school of the people's bank of china and received a master's degree in economics.

he has served in many important positions, such as business manager of the banking department of china rural trust and investment corporation; general manager of the capital department and assistant to the company general manager of cp international finance co., ltd.;

inspector general, deputy general manager, executive deputy general manager, deputy secretary of the party committee, etc. of boshi fund management co., ltd.

li quan served as the president of xinhua assets from march 2010 to september 2019; from june 2019 to august 2019, he served as the interim head of xinhua insurance. since then, li quan has served as the party committee secretary, ceo, and president of xinhua insurance, and also as the vice chairman, president, and party branch secretary of xinhua assets.

later, li quan worked hard in the insurance industry and eventually became the leader of xinhua insurance.

at that time, li quan's name was well-known in the insurance circle. anyone who mentions him must give a thumbs up. everyone thinks he has the ability to lead xinhua insurance to a better future.

however, on august 22, 2023, new china insurance issued an announcement stating that the company’s board of directors received the resignation letter from chairman li quan on august 22, 2023.

due to age, li quan resigned as chairman, executive director, ceo, chairman of the strategy committee of the board of directors, member of the investment committee, member of the risk management and consumer rights protection committee and all other positions.

in april 2024, li quan was reported to have lost contact, and there were various rumors about his accident.

until recently, after losing contact with li quan for half a year, he was officially reviewed and reported by the central commission for discipline inspection.

in the report of the central commission for discipline inspection, li quan's disciplinary and illegal behaviors were described in detail, including resisting organizational review, violating the spirit of the eight central regulations, violating organizational principles, accepting gifts and money in violation of regulations, taking advantage of his position to facilitate others to operate in the enterprise, seeking profits from investment opportunities and illegally receiving huge amounts of property, etc.

each of these crimes is shocking, allowing people to see how a figure who once stood at the top of finance slipped into the abyss step by step.

according to reports, li quan never tires of collecting gifts and making money. i dare to charge any money! during the holidays, the gifts and money are collected softly. unscrupulously "relying on finance to eat finance", taking advantage of his position to benefit others in business operations, obtaining investment opportunities, etc., and then illegally receiving huge amounts of property. he took advantage of the convenience of state-owned financial institutions to engage in profit-making activities, and employee recruitment became a "cash cow" for him to seek personal gain. he would open a back door to anyone who gave him gifts or benefits. it has seriously damaged the fairness and credibility of the financial industry, and caused heavy losses to the interests of the country and the people. he embezzled wantonly and was so bold that he was simply a "worm" in the financial world!

look what he has done to xinhua insurance. premiums increased from 130 billion to 160 billion, but new business value fell from more than 9 billion to more than 2 billion. this gap is too big. the company's actual operations suddenly fell into trouble.

the sky net is sparse and not leaking. li quan's disciplinary and illegal behavior was finally discovered by the central commission for discipline inspection and the national supervisory commission. he was expelled from the party, his benefits were revoked, and his illegal gains were confiscated. his suspected crimes were also transferred to the procuratorate for review and prosecution in accordance with the law. this series of measures really makes people applaud! li quan, he will finally get his comeuppance!

li quan went from a "financial empire" to a "fallen tiger" and destroyed everything with his own hands. we just have to sit back, sip some tea, and watch this farce play out. as people often say, it’s not about not taking revenge, but the time has not yet come. this time, li quan’s end has come!