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Insurance chairman arrested for fraud

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Guan Guoliang, former chairman of New China Life Insurance Co, was arrested by police for suspected embezzlement, the People's Daily reported yesterday, citing China's insurance regulator.

The case is under investigation, the newspaper said, without giving more details. Guan is being investigated for alleged misuse of almost 13 billion yuan (US$1.75 billion), Caijing Magazine reported on May 28.

(Shanghai Daily November 22, 2007)

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