Current:Home > MyFormer chairman of state-owned bank China Everbright Group arrested over suspected corruption-InfoLens
Former chairman of state-owned bank China Everbright Group arrested over suspected corruption
View Date:2024-12-23 17:13:26
HONG KONG (AP) — The former chairman of state-owned Chinese bank China Everbright Group has been arrested on suspicion of embezzlement and bribery, prosecutors said in a statement Monday, amid an intensified campaign against corruption.
The investigation into Tang Shuangning, the former party secretary and chairman of China Everbright Group has ended and the case would be “transferred to the procuratorate for review and prosecution,” China’s Supreme People’s Procuratorate said in a statement.
Tang, 69, was expelled from the Chinese Communist Party earlier this month over violations of disciplines and laws, amid a crackdown on corruption in China’s financial sector. He retired in 2017.
Other allegations against him include weakening the party’s leadership over the bank, failing to prevent and defuse financial risks, “privately reading publications with serious political problems and resisting organizational scrutiny,” the party-run newspaper Global Times cited the Central Commission for Discipline Inspection (CCDI) and the National Supervisory Commission as saying.
Another alleged transgression: promoting his calligraphy. Tang has published several volumes of calligraphy and poems.
Chinese president Xi Jinping earlier this month pledged to intensify a crackdown on graft in the finance, energy and infrastructure sectors, part of a longstanding campaign against corruption since he came to power since 2012.
As of April 2022, 4.7 million people had been punished for corruption, according to state-owned media reports.
Tang served as vice president of the China Banking Regulatory Commission from 2003 to 2007, before his appointment as chairman of China Everbright Group. He was first investigated in July.
China Everbright is one of about a dozen commercial banks founded in China in the early 1990s. Its shares are listed on the Hong Kong and Shanghai stock exchanges. It is controlled by Central Huijin, a state-owned investment company.
Tang’s successor Li Xiaopeng was also suspected of graft, expelled from the party and removed from public office.
Others who have been punished for alleged corruption include Sun Guofeng, a former Chinese central bank senior official, who was sentenced to over 16 years in prison for accepting bribes.
Sun Deshun, former president of state-owned China CITIC Bank, was sentenced to life imprisonment for accepting over $130 million in bribes during his career.
Another finance executive, Zhang Hongli, who was a former senior executive of the Industrial and Commercial Bank of China, China’s biggest bank, has also been investigated for graft.
veryGood! (494)
Related
- Mike Tyson vs. Jake Paul stirs debate: Is this a legitimate fight?
- Thousands enroll in program to fight hepatitis C: This is a silent killer
- Bengals' Joe Mixon, sister's boyfriend sued for shooting of teen outside Ohio home
- Man who tried to enter Jewish school with a gun fired twice at a construction worker, police say
- ‘I got my life back.’ Veterans with PTSD making progress thanks to service dog program
- Horoscopes Today, August 4, 2023
- Colorado fugitive captured in Florida was leading posh lifestyle and flaunting his wealth
- Striking Nigerian doctors to embark on nationwide protest over unmet demands by country’s leader
- Mega Millions winning numbers for November 8 drawing: Jackpot rises to $361 million
- Shooting kills 2 men and a woman and wounds 2 others in Washington, DC, police chief says
Ranking
- Kalen DeBoer, Jalen Milroe save Alabama football season, as LSU's Brian Kelly goes splat
- Pope wraps up an improvised World Youth Day with 1.5 million attendees and a very big Mass
- Chaos erupts in New York City after promise of free PlayStations
- Sealed first generation iPod bought as a Christmas gift in 2001 sells for $29,000
- It's Red Cup Day at Starbucks: Here's how to get your holiday cup and cash in on deals
- Tom Brady becomes co-owner of English soccer club Birmingham City: I like being the underdog
- Rape charges filed against multiple teenage South Dakota baseball players
- From high office to high security prison for ex-Pakistani PM Imran Khan after court sentencing
Recommendation
-
The Masked Singer's Ice King Might Be a Jonas Brother
-
Tom Brady becomes co-owner of English soccer club Birmingham City: I like being the underdog
-
Mexico recovers 2 bodies from the Rio Grande, including 1 found near floating barrier that Texas installed
-
Pope presides over solemn Way of the Cross prayer as Portugal government weighs in on LGBTQ+ protest
-
Elena Rose has made hits for JLo, Becky G and more. Now she's stepping into the spotlight.
-
The FDA approves the first pill specifically intended to treat postpartum depression
-
One 'frightful' night changed the course of Hall of Famer DeMarcus Ware's life
-
On a ‘Toxic Tour’ of Curtis Bay in South Baltimore, Visiting Academics and Activists See a Hidden Part of the City