China Insurance Tycoon Persecuted University Student to Cover Corruption
(Jan. 30, 2004) January 29, 2004 09:12 PM ET
By Gwen Ackerman Hong Kong (Reuters) - Peter Ma, Chairman and CEO of China Ping An Insurance (Group) Company, is now under criminal accusation. (boxun.com)
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As reported by the Orient Morning Post and the 21st Century Talen Report, Peter Ma had persecuted a Ph.D. student at Fudan University in Shanghai to cover corruption scandals. T
he name of the Ph.D. student is Kun Hu, who was released from compulsory methods by China’s police at the end of September 2003.
China Ping An is one of China’s insurance giants and a state-owned-enterprise. The company’s asset totaled 150 billion RMB and plans to raise two billion US dollars through a listing in Hong Kong in the second quarter of 2004, according to a press report.
Just like other life insurers in China, Ping An had tremendous interest loss and serious solvency problems. An actuary who had worked for Ping An for several years, estimated that the total interest loss could be no less than 50 billion in the next three years.
Ping An also encounter big trouble with it’s unit-linked life product. As revealed by China’s South Weekend, a weekly newspaper located in Guangzhou, Ping An had exaggerated its possible investment return and mislead customers.
Ms. Tang, a former Arthur Anderson partner who joined Ping An as CFO at the middle of 2000, left Ping An in Feb. 2003. Rumors said that Tang refused to help Peter Ma cover Ping An’s financial scandals.
As revealed by overseas Chinese medias, Ma claimed that he had special close relationship with China’s Premier Wen Jiabao. He had provided free office to Wen’s wife, profitable business to Wen’s son in Unihub and even bought a house to Wen’s daughter.
Peter Na is also recognized as China’s richest guy who had successfully transformed Ping An, a state-owned-enterprise, to his own private company.
It’s believed that several high-level government officials in China are protecting Ma, the insurance tycoon who bribed government officials to enter China’s club of billionaires.
© Reuters 2004. All Rights Reserved.
_(博讯记者：博讯自由发稿) (boxun.com)
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