Tang Shuangning, a former head of the Chinese state-owned banking giant Everbright Group, has been arrested on suspicions of taking bribes and corruption, according to state media reports on Monday (Jan 15).
Tang was expelled from the Chinese Communist Party (CCP) earlier this month on disciplinary grounds. The Supreme People’s Procuratorate said the case was under further investigation.
Tang, 69, had served as vice chairman of China’s top banking regulator in 2003 before he was appointed as chairman of China Everbright Group in 2007. He remained at the helm for around a decade before retiring in 2017.
His arrest comes at a time when Chinese President Xi Jinping has waged an anti-corruption crackdown in the last couple of years that critics claim helps him purge political rivals and guarantee loyalty within his ranks.
The arrest of Tang comes in the backdrop of the banking group’s other former boss Li Xiaopeng being arrested by the authorities on similar corruption charges.
Li was arrested in October last year, days after being sacked from the CCP due to “severe violations of discipline and law.”
“Li had sought benefits for others in the selection and appointment of officials and took advantage of his power to secure profits for his relatives in their business operating activities,” read a statement by the state media at the time.
According to a report by CCTV, the investigation found out that Li accepted bribes, illegally held stakes in non-listed companies, and misused power to grant loans and business contracts in exchange for money.
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