The Communist Party of China has expelled a state-owned insurer executive accused of fraud.

Images: Reuters Berita 24 English - According to the anti-graft watchdog, China's ruling Communist Party has fired a former chief accou...

Images: Reuters

Berita 24 English - According to the anti-graft watchdog, China's ruling Communist Party has fired a former chief accountant of state-controlled PICC Property and Casualty Co, accusing him of illicit actions and receiving bribes.

Shen Dong was ousted from his position as vice president at the insurance in December, prompting the Central Commission for Discipline Inspection (CCDI) to start a probe into him.

Shen was determined to have badly broken Communist Party discipline, undertaken illicit operations, and was accused of collecting bribes, according to CCDI.

PICC Property and Casualty representatives were unavailable for comment when contacted by phone and email by Reuters.

In recent years, President Xi Jinping has increased his attempts to root out corrupt Communist Party members in the banking sector.

Sun Guofeng, the former chairman of the central bank's monetary policy department, was investigated by the CCDI last week for suspected major violations of discipline and legislation.

In February, the anti-graft watchdog completed its first coordinated assessment of the industry since 2015, which included the central bank, banking and insurance regulator, stock exchanges, commercial banks, and asset management organizations.