Ex-Everbright Group Head Arrested in China’s Anti-Corruption Fight

China’s Supreme People’s Procuratorate announced on Monday that Tang Shuangning, the former head of the state-owned banking giant Everbright Group, has been arrested on charges of alleged corruption. The arrest comes after an investigation by the country’s anticorruption authority, with Tang being suspected of taking bribes and embezzlement.

Earlier this month, Tang, aged 69, was expelled from the ruling Communist Party for violations of party discipline, including the unauthorised importation of books and accepting illicit gifts. This development adds him to the growing list of high-profile figures within China’s financial sector ensnared in President Xi Jinping’s extensive campaign against corruption.

The former bank chairman’s arrest follows a pattern seen in recent cases. Sun Guofeng, the former head of the central bank’s monetary policy department, was sentenced to 16 years and six months in prison last month for charges including bribery, leaking state secrets, and insider trading. In October, Liu Liange, the former chairman of the Bank of China, was arrested on suspicion of bribery and providing illegal loans. Li Xiaopeng, who succeeded Tang at Everbright, was also arrested in the same month for suspected acceptance of bribes.

President Xi Jinping, often considered China’s most powerful leader since Mao Zedong, has made a zero-tolerance attitude toward corruption a defining policy of his tenure. While supporters credit Xi with cleaning up the country’s politics and business, critics argue that the anticorruption drive serves as a tactic to eliminate rivals. The arrest of Tang Shuangning reflects the ongoing commitment to combating corruption within China’s financial and political spheres.

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