Zhao Jingwen, a former executive director of CITIC Group, has been expelled from the Communist Party of China (CPC) over serious violations of Party discipline and laws, the top anti-graft body announced in a statement Thursday.

Zhao Jingwen [File photo: VCG]

An investigation found that Zhao had lost his ideals and convictions, showed no commitment to Party principles and resisted investigation, said the statement by the CPC Central Commission for Discipline Inspection and the National Supervisory Commission.

It said that Zhao violated the Party's eight-point frugality code, taking advantage of his overseas work trips for travelling using public funds without authorization, in addition to having his personal expenses paid by subordinate units.

Zhao purchased underpriced houses, did and benefited from part-time jobs and received gifts and money, violating rules of the Party, it said.

Using his power and the credibility and status of the state-owned enterprise, Zhao traded power for money unscrupulously, sought personal benefits, benefited others in work arrangement and personnel promotion and received money and property in return.

Zhao embezzled state assets, the statement said.

Zhao severely violated the Party's political discipline and rules on frugality, organization, clean governance, work and life and is suspected of bribe-taking and embezzlement, it said.

Zhao, who showed no signs of restraint even after the 18th CPC National Congress, should be harshly punished given the severity and negative influence of his case.

The statement said Zhao's illicit gains would be confiscated and the suspected crimes will be transferred to the procuratorate for further investigation and prosecution.