The former chairman of the China's state-owned enterprise Everbright Group has been sentenced to 12 years in prison for corruption.
Tang Shuangning, who had also held senior posts at the People's Bank of China and the China Banking Regulatory Commission, will face jail for embezzlement and bribery, according to official broadcaster CCTV.
Tang was arrested in January as part of a nationwide abolition of financial corruption.
A court in Tangshan, located about 100 miles east of Beijing, found Tang guilty of using his position to seek "convenience for others" by providing employment and loan-related benefits in exchange for illicit payments.
These illicit payments totaled over 11 million yuan (approximately $1.5 million).
Tang's History of Illegal Activities
China Everbright Group operate across various financial sectors: banking, securities, insurance, and asset management. They play a key function in China's economy.
Prosecutors alleged that Tang's illegal activities took place between 2000 and 2017, when he retired. In April 2003, Tang is said to have also exploited his position at the People's Bank of China to appropriate public property valued at roughly 3 million yuan (about $427,000).
In his final statement, Tang admitted guilt and expressed remorse for his actions.
He was expelled from the Chinese Communist Party (CCP) earlier this year as a result, for "serious violations of discipline and the law."
China's Anti-Corruption Purge
President Xi Jinping's anti-corruption campaign, now in its second decade, has targeted numerous officials, famously described as "tigers and flies" of all tiers.
Those investigated include Liu Liange, former chairman of the Bank of China; Sun Guofeng, a senior central bank official; Sun Deshun, ex-president of China CITIC Bank; and Zhang Hongli, a former executive at the Industrial and Commercial Bank of China.
Over 4 million of the CCP's 99 million members have been investigated since 2013.
"The spread of graft has been resolutely contained," Xiao Pei, deputy secretary of the party's Committee for Discipline and Inspection, said in 2022.
He added that "directed policies and high pressure" had persuaded 80,000 party members to voluntarily admit to violations in quick succession.
Tang's Everbright successor, Li Xiaopeng, also faced graft allegations, resulting in his expulsion from the party and removal from office.
Defense Ministers Face Intense Probes
China's defense officials in particular appear to be a problem. Xi's government have scrutinized three defense ministers in under two years, resulting in two purges.
Wei Fenghe was expelled from the Communist Party in June 2024 on charges of accepting bribes and abusing his authority for personal gain. His case has been referred to military prosecutors for further action.
He passed his role on to Li Shangfu in March 2023, who lasted six months in the role following Fenghe's retirement.
He disappeared from public view for several weeks before his dismissal in October 2023.
Finally, reports emerged in November alleging that Admiral Dong Jun was under investigation for corruption.
These reports were later clarified, indicating a case of mistaken identity, and Dong Jun appeared publicly, reaffirming his position.
This article includes reporting from The Associated Press.
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