Business Maverick: China removes PICC, Bank of China chairmen from party roles

Luo Xi, 62, will no longer serve as party secretary of the People’s Insurance Co Group of China, the nation’s largest property insurer said in a statement on its WeChat account on Friday, without providing a reason. The announcement came days after online criticism that Luo, who remains chairman of the firm, was building a personality cult when the company demanded employees recite his “golden quotes”.

Separately, the Bank of China said that the ruling party has removed 61-year-old Chairman Liu Liange as party chief, without providing a reason. It’s still unclear what prompted decisions, and China often reshuffles senior managers of its largest state-owned financial institutions and heads of government in the run up to its annual legislative conference.

A spokesperson for BOC referred to the company’s statement when reached by Bloomberg for comment. The PICC group didn’t immediately reply to a query on Luo’s removal. Both people are below the typical retirement age of 65 for ministerial-level officials in China and no announcements have been made regarding their new jobs.

PICC Group’s life insurance unit posted an internal notice on its Wechat account early this month, requiring all employees to memorise Luo’s quotes before taking a test on them, local media reported. Such moves could easily fuel a personality cult, which the company’s head should have put a stop to, the Economic View, affiliated with state-run China News Service, said in a

Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen

Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.

Gauteng's Midstream Estate plans to avoid four load shedding stages with R200m project | BusinessMidstream Estate in Gauteng is planning to shield its residents against four stages of load shedding with a R200 million energy solution that relies on battery storage and solar power. | LameezOmarjee News24_Business LameezOmarjee _Business This is what I was thinking about for my neighborhood. Are there any companies offering solutions at a large scale for suburbs? LameezOmarjee _Business They have their own pre school, primary school, high school and college - shops x petrol stations LameezOmarjee _Business Why showing my house then😂😂😂😂
Herkunft: News24 - 🏆 4. / 80 Weiterlesen »

amaBhungane | The Moti Files: Red flags in police hunt for former Moti Group employee | BusinessAs Zunaid Moti's sprawling multibillion-rand conglomerate scrambles to contain a leak of sensitive company information, questions have been raised about the role of the police and prominent forensic investigator Paul O'Sullivan. | amaBhungane amaBhungane Paul O’Sullivan is also a convicted spousal abuser.
Herkunft: News24 - 🏆 4. / 80 Weiterlesen »