Li Quan, former Party chief and chairman of New China Life Insurance Company, was sentenced to death with a two-year reprieve on Wednesday for embezzlement and bribery totaling over 213 million yuan ($30 million).

The Jinan Intermediate People's Court in Shandong province delivered the first-instance verdict. Li was sentenced to life imprisonment for embezzlement, with deprivation of political rights for life and confiscation of all personal assets. For bribery, he received a death sentence with a two-year reprieve, also with deprivation of political rights for life and confiscation of all personal assets.

The court decided on a combined punishment for his crimes, imposing a death sentence with a two-year reprieve, along with deprivation of political rights for life and confiscation of all personal assets.

The embezzled funds recovered were returned to the bodies which suffered the loss, with any shortfall to be pursued further. The bribery proceeds and their interest were confiscated and turned over to the state treasury, according to the court.

From June 2015 to March 2024, Li abused his positions as president and chairman of New China Asset Management Co and chairman of New China Asset Management (Hong Kong) Company to illegally appropriate over 108 million yuan through deceit and concealment.

From 2010 to 2023, he used his position to assist certain entities and individuals in business collaborations and fund subscriptions, receiving over 105 million yuan in bribes, either alone or with accomplices.

The court found Li guilty of both embezzlement and bribery, with the amounts involved being extraordinarily large, causing significant harm to national and public interests. Thus, the court decided severe punishment was warranted.

However, taking into consideration the fact that there were failed attempts in the course of his offences, his truthful confession of undiscovered facts relating to bribery, his remorse, and proactive restitution of illegal gains, the court decided to grant the reprieve included in his sentence.

Born in 1963, Li resigned from his positions at New China Life Insurance in August 2023. In September 2024, the Central Commission for Discipline Inspection and the National Supervisory Commission announced that Li had been placed under investigation over serious violations of Party discipline and national laws.

In October last year, the Shandong Provincial People's Procuratorate approved his arrest on charges of embezzlement and bribery. In January, the Jinan People's Procuratorate filed a public prosecution against Li.

His case was heard in public by the Jinan Intermediate People's Court in May. During the trial, the prosecution presented evidence, while Li and his defense counsel cross-examined it.

Both sides gave a full outline of their views, before Li made a final statement and pled guilty.