Yu Ze, former vice-president of the People's Insurance Company (Group) of China Limited, has been expelled from the Communist Party of China and dismissed from public office over serious violations of discipline and law, according to an official statement issued on Friday.

The investigation, conducted by the CPC Central Commission for Discipline Inspection and the National Commission of Supervision, was approved by the CPC Central Committee.

The investigation found Yu, who was also a member of the company's Party committee, had privately carried and read books containing serious political issues and had resisted organizational scrutiny.

Yu also illegally borrowed vehicles from management and service targets and accepted banquets that could have compromised his impartiality in discharging his official duties, the statement revealed.

Furthermore, Yu took advantage of his positions to seek benefits for others in personnel promotions and accepted property in return. He also privately withheld whistleblowing and accusation materials.

The investigation also showed that Yu crossed the line of clean governance by borrowing large sums of money from management and service targets and illegally reimbursing his personal expenses.

Showing a complete disregard for Party discipline and state laws, Yu twisted public power into a tool for personal gain, the statement said.

He engaged heavily in power-for-money transactions, leveraging his official positions to assist others in project procurement and staff recruitment, illegally accepting a massive amount of property in return, according to the investigation.

The statement said Yu severely violated the Party's political, organizational, integrity and life discipline. His actions constitute serious duty-related violations, and he is suspected of bribery. Given that he showed no signs of restraint even after the 18th CPC National Congress, his case is severe in nature and has had an egregious impact, requiring strict handling.

In accordance with relevant laws, the national commission has dismissed Yu from public office, confiscated his illicit gains, and transferred his suspected criminal case, along with the involved property, to the procuratorate for review and prosecution.