FUZHOU, April 16 (Xinhua) -- Wang Yincheng, former president of the People's Insurance Company (Group) of China Limited (PICC), stood trial on the charge of accepting bribes in a court in Fujian Province Monday.
Prosecutors accused Wang of accepting money and gifts worth more than 8.7 million yuan (about 1.4 million U.S. dollars) between 2006 and 2016 personally or through relatives.
During the period Wang took advantage of his positions at PICC Property and Casualty Company Limited and PICC to seek benefits for others obtaining contracts and seeking promotions, the Intermediate People's Court of Fuzhou heard.
Wang made a statement to the court, pleading guilty and showing remorse.
Nearly 50 people attended the trial, including legislators, political advisors and members of the public.
Wang was placed under investigation for "suspected serious disciplinary violation" by the Central Commission for Discipline Inspection of the Communist Party of China in February 2017.
The court will announce the verdict at a later date.