BEIJING -- Li Quan, former chairman of New China Life Insurance Co., Ltd., has been indicted on charges of embezzlement and taking bribes, according to the Supreme People's Procuratorate (SPP) on Wednesday.

Following the completion of the investigations of the National Commission of Supervision, a procuratorate in Jinan, capital of East China's Shandong province, filed Li's case with the city's intermediate people's court, the SPP said in a statement.

Prosecutors accused Li of misusing various posts to embezzle vast sums from public assets -- causing particularly significant losses to the interests of the state and the people.

He was also accused of taking undue advantage of these positions to seek profits for others and accepting an especially large amount of money and valuables in return.

Prosecutors had informed the defendant of his legal rights and heard the opinions of the defense counsel, the SPP statement said.