Former Chairman of Bank of China Insurance, Zhou Gonghua, has been expelled from the Party!

On April 3, the website of the Central Commission for Discipline Inspection and the National Supervisory Commission (CCDI and NSC) released information stating that Zhou Gonghua, the former Party Secretary and Chairman of Bank of China Insurance Co., Ltd. (hereinafter “Bank of China Insurance”), has been expelled from the Party.

On May 23 last year, Zhou Gonghua was officially announced to have been “taken down.” At that time, he had already retired.

According to the latest information from the CCDI and NSC website, the CCDI and NSC’s Discipline Inspection and Supervision Group stationed at Bank of China, together with the supervisory commission of Handan City in Hebei Province, filed a case and conducted an investigation into Zhou Gonghua’s serious violations of discipline and law.

After investigation, Zhou Gonghua, as a Party-leading official and Party member leading cadre of a centrally administered financial enterprise, abandoned Party principles, betrayed the original mission, and resisted organizational review. He participated in feudal superstition activities; disregarded the spirit of the Central Eight-Point Regulations, accepted arrangements for banquets, tourism, and other activities that could potentially affect the impartial exercise of official duties; violated organizational principles by failing to truthfully report personal matters, and in the hiring and recruitment of employees, illegally sought benefits for others; his bottom line on integrity collapsed. He accepted gifts and cash payments that could potentially affect the impartial exercise of official duties, had the expenses that should have been paid by himself paid by others, violated regulations by occupying turnover housing, and used his influence from his position to have family members undertake engineering projects and obtain large benefits. He disregarded the legitimate rights and interests of the public and encroached on the interests of frontline employees. He abused his power and acted arbitrarily; he violated regulations by intervening in and interfering with credit approval matters, causing major losses to state-owned assets. His greed swelled; he profited from lending and provided loans to eat up loans. Using conveniences provided by his position and other convenience conditions formed by his authority or status, he sought benefits for others in areas such as credit approval, and he illegally accepted huge amounts of money and property.

Zhou Gonghua severely violated the Party’s political discipline; the spirit of the Central Eight-Point Regulations; organizational discipline; integrity discipline; mass discipline; work discipline; and conduct in daily life. He constitutes a serious violation of duty and is suspected of bribery crimes. Moreover, after the 18th National Congress of the Communist Party, he did not cease or desist, and did not stop. He is a typical case of the unity of corruption with the profit motive, and of “using finance to eat finance.” The circumstances are serious, the impact is adverse, and he should be handled strictly.

Pursuant to relevant regulations, after study by the Party Committee of Bank of China, it was decided to expel Zhou Gonghua from the Party. After study by the CCDI and NSC’s Discipline Inspection and Supervision Group stationed at Bank of China, it was decided to cancel, in accordance with regulations, his retirement benefits. All illegal gains related to his violations of discipline and law will be confiscated. After study by the supervisory commission of Handan City in Hebei Province, it was decided to transfer the criminal matters suspected of being involved by Zhou Gonghua to judicial procuratorial authorities for examination and prosecution according to law, and all relevant funds and property will be transferred together.

A review of publicly disclosed work history shows that Zhou Gonghua was born in May 1962. In July 1995, he graduated from the Graduate School of the Chinese Academy of Social Sciences and obtained a PhD degree in economics from the Graduate School of the Chinese Academy of Social Sciences, and he is a senior economist.

Since joining Bank of China in 1995, Zhou Gonghua has successively served as cadre of the Credit Department II, deputy director of the risk management section of the Credit Management Department, director of the preservation unit of the Asset Preservation Department, and director of the planning and management section of the Asset Preservation Department. He served as deputy director and Party Group member of the municipal government of Yibin City, Sichuan Province. He served as assistant president and Party Committee member, then deputy president, of the Sichuan Branch of Bank of China. He served as deputy president of the Beijing Branch of Bank of China.

Since July 2016, Zhou Gonghua has served as Chairman of Bank of China Insurance, holding the position for 6 years, and he retired from the post. In December 2022, Bank of China Insurance announced that the company’s former chairman, Zhou Gonghua, reached the retirement age and would no longer serve as a director or chairman of the company.

On May 23 last year, a report on the CCDI and NSC website stated that Zhou Gonghua, the former Party Secretary and Chairman of Bank of China Insurance Co., Ltd., was suspected of serious violations of discipline and law and was placed under disciplinary review and supervision and investigation.

Bank of China Insurance is an insurance company specializing in property and casualty insurance under the Bank of China. It was established in January 2005 with registered capital of 4.54B yuan, with Bank of China holding 100% of its shares.

Layout: Liu Junyu

Proofreading: Su Huanwen