China slams corruption charges on ex-chair of banking giant Everbright.

January 15, 2024
1 min read

TLDR: China authorities have announced corruption charges against Tang Shuangning, the former chair of state-owned banking giant Everbright Group. Shuangning is accused of embezzlement, accepting bribes, and privately reading politically problematic publications. He was expelled from the Chinese Community Party earlier this month. The case is being investigated by China’s highest internal corruption watchdog, the Central Commission for Discipline Inspection (CCDI), and prosecutors have decided to press charges following a referral from the National Commission of Supervision. Shuangning led Everbright Group during a period of economic growth in China but the company later faced intense scrutiny and numerous corruption scandals. Chinese President Xi Jinping has been escalating his corruption crackdown in recent years.

Tang Shuangning, the former Chairperson of state-owned Chinese banking behemoth Everbright Group, was arrested on charges of embezzlement, accepting bribes and “privately reading publications with serious political problems,” China’s Supreme People’s Procuratorate said on Monday. The case against Everbight’s Shuangning is also being investigated by the Central Commission for Discipline Inspection (CCDI) and prosecutors decided to charge Shuangning following a referral from the country’s National Commission of Supervision.

Shuangning led the Everbright Group, one of China’s largest financial operations, during a surge in the state’s domestic economy from 2007 until 2017. However, towards the end of the decade, the firm came under intense scrutiny from state regulators, which led to numerous corruption scandals.

In recent years, Chinese President Xi Jinping’s domestic corruption crackdown has escalated at a rapid pace. In October of 2023, former Bank of China chair Liu Liange was also arrested following an investigation by the CCDI. Facing internal pressure due to a prolonged economic slowdown, Jinping’s party apparatus arrested a record-high 42 officials on corruption charges in 2023, per data provided by Yahoo Finance.

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