Why was Tang Shuangning arrested? China Everbright Group's former chairman faces corruption charges

On January 15, it was reported that Tang Shuangning, the former head of the China Everbright Group, had been arrested for suspected embezzlement and for allegedly accepting bribes, as per Global Times. He was also accused of allegedly neglecting and failing to prevent and defuse financial hazards.

Tang, 69, was reportedly expelled from the Chinese Communist Party earlier this month due to disciplinary reasons. He has been the subject of an inquiry since July 2023. The Supreme People's Procuratorate is yet to reveal further details about the investigation.

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Allegations against China Everbright Group’s former chairman Tang Shuangning

Prosecutors reported that the former leader of China Everbright Group, Tang Shuangning, was arrested on suspicion of embezzlement and bribery.

As per Al Jazeera, China's Supreme People's Procuratorate shared a statement and announced on Monday that Tang was placed under arrest after the anti-corruption authority's probe came to an end. They further mentioned that the case would be "transferred to the procuratorate for review and prosecution."

Additional accusations against Shuangning include failing to prevent and defuse financial risks, weakening the party’s leadership over the bank, resisting organizational scrutiny, and more, as per AP. The publication also reported that he had been accused of allegedly promoting his calligraphy. The former leader of the China Everbright Group is the author of multiple volumes of calligraphy and poetry.

Before being named chairman of China Everbright Group in 2007, Tang was the vice chairman of China's main banking regulator in 2003. In 2017, he announced his retirement.

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Tang Shuangning wasn't the only one who was punished for alleged corruption in recent times

Chinese President Xi Jinping has been working towards dealing with corruption ever since he came into power in 2012. Earlier this month, he promised to work on combatting wrongdoings in the energy, infrastructure, and financial sectors as part of his battle against corruption.

Sun Guofeng, who served as the former chief of the central bank's monetary policy division, was found guilty of allegedly accepting bribes, disclosing state secrets, and engaging in insider trading in December 2023. As a result, he was sentenced to 16 years and six months in jail.

Furthermore, former state-owned China CITIC Bank president Sun Deshun received a life sentence for reportedly accepting $130 million in bribes during his tenure, as per AP. A former senior executive of the Industrial and Commercial Bank of China, Zhang Hongli, was also under investigation for possible bribery.