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.
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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.
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.
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.
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.
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.
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