Stay up to date with notifications from The Independent

Notifications can be managed in browser preferences.

Former chairman of state-owned bank China Everbright Group jailed for 12 years for corruption

Chinese official broadcaster CCTV says a former chairman of the state-owned bank China Everbright Group has been jailed 12 years for embezzlement and bribery

Via AP news wire
Tuesday 10 December 2024 08:16 EST

Your support helps us to tell the story

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.

Your support makes all the difference.

A former chairman of the state-owned bank China Everbright Group was jailed 12 years for embezzlement and bribery, official broadcaster CCTV said Tuesday.

Tang Shuangning, who had also held senior posts at the People’s Bank of China and the China Banking Regulatory Commission, was arrested in January, part of a wider wave of prosecutions of senior officials accused of financial crimes.

A court in the city of Tangshan, about 100 miles (160 kms) east of Beijing, found him guilty of taking advantage of his position at the state-owned bank in “seeking convenience for others” in jobs and loans, in exchange for illegal payments. The court said he had accepted illegal property with a total value of more than 11 million yuan (about $1.5 million).

Tang, who retired in 2017, was expelled from the ruling Communist Party in January. His successor at Everbright, Li Xiaopeng, was also suspected of graft, expelled from the party and removed from public office.

They are among many officials caught up in President Xi Jinping’s decade-long anti-corruption campaign, which critics say is also designed to remove his political rivals.

Other former officials caught up in the crackdown include Liu Liange, a former chairman of the Bank of China; former Chinese central bank senior official Sun Guofeng; former president of state-owned China CITIC Bank Sun Deshun; and Zhang Hongli, a former senior executive of the state-owned Industrial and Commercial Bank of China.

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in