Beijing, Sep 30 (IANS): Li Quan, former chairman of New China Life Insurance Company Ltd., has been expelled from the Communist Party of China (CPC) over serious violations of Party discipline and laws, according to an official statement issued on Monday.

The decision was made following an investigation by the CPC Central Commission for Discipline Inspection and the National Commission of Supervision, according to the statement.

Li, also the former secretary of the company's Party committee, was found to have attended multiple banquets which might have interfered with the impartial performance of his official duties, the statement said.

The investigation found that Li illicitly used his influence in the financial industry and traded power for money. Li was also found to have used his positions to benefit others in enterprise operations and obtaining investment opportunities, and accepted large sums of money and valuables in return.

The investigation also found that Li also wantonly embezzled public property, causing heavy losses to national and public interests, the statement said, Xinhua news agency reported.

Li had committed severe duty-related violations and is suspected of the crimes of embezzlement and accepting bribes, according to the statement.

His illicit gains will be confiscated, and the case will be transferred to procuratorial authorities for examination and prosecution in accordance with the law, the statement added.