BEIJING — The former chairman of China Everbright Group, a state-owned banking institution, has been sentenced to 12 years in prison due to charges involving embezzlement and bribery, as reported by the state broadcaster CCTV on Tuesday.
Tang Shuangning, who has previously held prominent roles at both the People’s Bank of China and the China Banking Regulatory Commission, was taken into custody in January. His arrest was part of a broader initiative to prosecute high-ranking officials suspected of engaging in financial misconduct.
According to a court located in Tangshan, roughly 100 miles (160 kilometers) east of Beijing, Tang abused his authority at the banking institution by facilitating job placements and loans in return for illicit payments. The court revealed that he had amassed illegal assets amounting to over 11 million yuan (approximately $1.5 million).
Having retired in 2017, Tang was expelled from the Communist Party in January. His successor, Li Xiaopeng, was also implicated in corruption allegations, leading to his expulsion from the party and removal from all public positions.
Tang’s case is a part of President Xi Jinping’s extensive anti-corruption drive that has been ongoing for a decade. Some critics argue that this campaign is also aimed at eliminating potential political opponents.
Notable officials who have faced scrutiny during this crackdown include Liu Liange, a former chairman at the Bank of China; Sun Guofeng, a senior official with the Chinese central bank; Sun Deshun, the former president of China CITIC Bank; and Zhang Hongli, a former senior executive at the Industrial and Commercial Bank of China.
