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  • February 18, 2025
Former chairman of state bank China Everbright Group gets twelve years in prison for corruption

Former chairman of state bank China Everbright Group gets twelve years in prison for corruption

BEIJING – A former chairman of state-owned bank China Everbright Group has been jailed for 12 years for embezzlement and bribery, official broadcaster CCTV said on Tuesday.

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

A court in the city of Tangshan, about 100 miles (160 kilometers) east of Beijing, found him guilty of abusing his position at the state bank by “seeking convenience for others” in jobs and loans in exchange for illegal payments. The court said he had accepted illegal properties 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 corruption, expelled from the party and removed from public office.

They are among several officials involved in President Xi Jinping’s decade-long anti-corruption campaign, which critics say is also aimed at eliminating his political rivals.

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