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China authorities announce corruption charges against former chair of banking giant Everbright Group

by Derek Andrews
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Tang Shuangning, the previous Chairperson of state-owned Chinese language banking behemoth Everbright Group, was arrested on costs of embezzlement, accepting bribes and “privately studying publications with severe political issues,” China’s Supreme Folks’s Procuratorate said on Monday.

Simply days in the past on January 7, Shuangning was expelled from the Chinese language Neighborhood Celebration on costs of “severe violations of disciplines and legal guidelines,” in keeping with China’s highest inside corruption watchdog, the Central Fee for Self-discipline Inspection (CCDI).

The case in opposition to Everbight’s Shuangning can also be being investigated by the CCDI, per reporting from the state-run Global Times, which additionally reported that prosecutors determined to cost Shuangning following a referral from the nation’s Nationwide Fee of Supervision.

Shuangning led the Everbright Group, one among China’s largest monetary operations, throughout a surge within the state’s home economic system from 2007 till 2017. Nonetheless, in direction of the top of the last decade, the agency got here beneath intense scrutiny from state regulators, which led to quite a few corruption scandals.

In 2019, then-Everbright chair Chen Shuang resigned and was positioned beneath investigation by the CCDI, in keeping with the South China Morning Post. No follow-up on that investigation was ever supplied publicly by state officers.

Lately, Chinese language President Xi Jinping’s home corruption crackdown has escalated at a fast tempo. In October of 2023, former Financial institution of China chair Liu Liange was additionally arrested following an investigation by the CCDI. Going through inside strain because of a protracted financial slowdown, Jinping’s social gathering equipment arrested a record-high 42 officers on corruption costs in 2023, per data supplied by Yahoo Finance.

Source / Picture: jurist.org

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