In banning Mr Yao from the industry for 10 years, the China Insurance Regulatory Commission announced that Foresea had “provided false data” and “used insurance funds against regulations” without providing specifics.

在禁止姚振华入保险业10年的同时，中国保险监督管理委员会(CIRC)宣布前海人寿“提供虚假资料”和“违规运用保险资金”，但并未提供具体细节。

Rarely seen in public, Mr Yao was China’s fourth richest man in 2016 with a fortune of $17bn, up more than ninefold from a year earlier, according to the Hurun Report. Local media say he started as a vegetable seller before making his first fortune as a property developer in the freewheeling city of Shenzhen in the 1990s.

胡润百富榜(Hurun Report)数据显示，很少在公开场合露面的姚振华，在2016年中国富豪排行榜上排名第四，身价达到170亿美元，是一年前的9倍多。国内媒体称，他最初以卖菜起家，然后在20世纪90年代自由放任的深圳市成为房地产开发商，赚到了他的第一桶金。

Before the latest punishment, the CIRC had already signalled an intention to crack down on such practices. At a press conference on Wednesday, CIRC chairman Xiang Junbo said the agency “will never allow the insurance industry to be turned into a rich boys’ club” or become a “sanctuary of large financial crocodiles”. Mr Xiang previously warned that insurers cannot be “ATM machines” for corporate raiders.

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