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Tuesday, February 27, 2024

Former chairman of state-owned financial institution China Everbright Group arrested

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HONG KONG — The previous chairman of state-owned Chinese language financial institution China Everbright Group has been arrested on suspicion of embezzlement and bribery, prosecutors mentioned in a press release Monday, amid an intensified marketing campaign in opposition to corruption.

The investigation into Tang Shuangning, the previous occasion secretary and chairman of China Everbright Group has ended and the case can be “transferred to the procuratorate for evaluate and prosecution,” China’s Supreme Folks’s Procuratorate mentioned in a press release.

Tang, 69, was expelled from the Chinese language Communist Celebration earlier this month over violations of disciplines and legal guidelines, amid a crackdown on corruption in China’s monetary sector. He retired in 2017.

Different allegations in opposition to him embody weakening the occasion’s management over the financial institution, failing to forestall and defuse monetary dangers, “privately studying publications with critical political issues and resisting organizational scrutiny,” the party-run newspaper World Occasions cited the Central Fee for Self-discipline Inspection (CCDI) and the Nationwide Supervisory Fee as saying.

One other alleged transgression: selling his calligraphy. Tang has revealed a number of volumes of calligraphy and poems.

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Chinese language president Xi Jinping earlier this month pledged to accentuate a crackdown on graft within the finance, power and infrastructure sectors, a part of a longstanding marketing campaign in opposition to corruption since he got here to energy since 2012.

As of April 2022, 4.7 million individuals had been punished for corruption, based on state-owned media stories.

Tang served as vp of the China Banking Regulatory Fee from 2003 to 2007, earlier than his appointment as chairman of China Everbright Group. He was first investigated in July.

China Everbright is one in all a couple of dozen industrial banks based in China within the early Nineties. Its shares are listed on the Hong Kong and Shanghai inventory exchanges. It’s managed by Central Huijin, a state-owned funding firm.

Tang’s successor Li Xiaopeng was additionally suspected of graft, expelled from the occasion and faraway from public workplace.

Others who’ve been punished for alleged corruption embody Solar Guofeng, a former Chinese language central financial institution senior official, who was sentenced to over 16 years in jail for accepting bribes.

Solar Deshun, former president of state-owned China CITIC Financial institution, was sentenced to life imprisonment for accepting over $130 million in bribes throughout his profession.

One other finance government, Zhang Hongli, who was a former senior government of the Industrial and Business Financial institution of China, China’s largest financial institution, has additionally been investigated for graft.

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