Crime & Justice

China detains another Everbright ex-president in corruption probe

Shanghai, China, Jan 15 (EFE).- Chinese authorities ordered the arrest Monday of Tang Shuangning, former state financial conglomerate Everbright Group president, months after his successor in office Li Xiaopeng was also detained, state news agency Xinhua reported.

The Supreme People’s Procuratorate accuses Tang of accepting bribes and embezzlement. He was expelled earlier this month from the Communist Party after an investigation showed he had used his post to appropriate public assets and accept large sums of money and goods to help third parties secure loans and promotions.

Authorities continue to investigate 69-year-old Tang, who boasts a long career in the Chinese central bank, as well as a four-year period as vice president of the country’s banking regulator prior to his appointment as Everbright president.

The case is part of the anti-corruption crusade undertaken years ago by authorities in the financial sector, which has so far resulted in the indictment of numerous officials from regulatory agencies and senior company executives.

The Communist Party’s anti-corruption body said last year it promised to strengthen its campaign against illicit conduct in the financial sector just days after the mysterious disappearance of banker Bao Fa. It was later revealed he was cooperating in an investigation, according to China Renaissance, an investment bank of which he is a founder.

The party’s anti-corruption division announced on Mar. 27 a new round of investigations into more than 30 state-owned companies, also ensuring that it would “re-review” five financial companies that had already faced investigations, among them Everbright Group.

Earlier this year, it announced it would increase pressure and punishments against corruption cases in several sectors including finance and state-owned enterprises.

After he came to power in 2012, President Xi Jinping began an anti-corruption campaign in which numerous senior Chinese officials have been convicted of accepting million-dollar bribes.

Although this initiative, one of Xi’s star programs, has uncovered important cases of corruption within the CCP, some critics have suggested it could also be used to end the political careers of some of his rivals. EFE


Related Articles

Back to top button