Tang Shuangning, a former head of the Chinese state-owned banking giant Everbright Group has been arrested on suspicions of taking bribes and corruption, according to state media reports on Monday (Jan 15).&nbsp;

Tang was expelled from the Chinese Communist Party (CCP) earlier this&nbsp;month on disciplinary&nbsp;grounds.&nbsp;The Supreme People's Procuratorate said the case was under further investigation.

Tang, 69,&nbsp;had served as vice&nbsp;chairman of China's top banking regulator in 2003 before he was appointed as chairman of China&nbsp;Everbright&nbsp;Group in 2007. He remained at the helm for around a decade before retiring in 2017.&nbsp;

His arrest comes at a time when&nbsp;Chinese President Xi Jinping has waged an anti-corruption crackdown in the last couple of years&nbsp;that critics claim helps him purge political rivals and guarantee loyalty within his ranks.

<a href="https://www.wionews.com/videos/ex-chairman-of-chinas-everbright-group-expelled-from-ccp-677852">Watch |&nbsp;Ex-Chairman of China's Everbright group expelled from CCP</a>

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<h2>Previous arrest</h2>

The arrest of&nbsp;Tang comes in the backdrop of the banking group's other former boss Li&nbsp;Xiaopeng being arrested by the authorities on similar corruption charges.&nbsp;

Li was arrested in October last year, days after being sacked from&nbsp;the CCP due to "severe violations of discipline and law".

<a href="https://www.wionews.com/world/china-former-head-of-state-owned-banking-giant-fired-from-ccp-644586">Also read | China: Former head of state-owned banking giant fired from Communist Party</a>

"Li had sought benefits for others in the selection and appointment of officials and took advantage of his power to secure profits for his relatives in their business operating activities," read a statement by the state media at the time.&nbsp;

According to a report by CCTV, the investigation found out that Li accepted bribes, illegally held stakes in non-listed companies, and misused power to grant loans and business contracts in exchange for money.&nbsp;

(With inputs from agencies)

Tang Shuangning, a former head of the Chinese state-owned banking giant Everbright Group has been arrested on suspicions of taking bribes and corruption, according to state media reports on Monday (Jan 15).

Tang Shuangning, a former head of the Chinese state-owned banking giant Everbright Group has been arrested on suspicions of taking bribes and corruption, according to state media reports on Monday (Jan 15). Tang was expelled from the Chinese Communist Party (CCP) earlier this month on disciplinary grounds. The Supreme People's Procuratorate said the case was under further investigation. Tang, 69, had served as vice chairman of China's top banking regulator in 2003 before he was appointed as chairman of China Everbright Group in 2007. He remained at the helm for around a decade before retiring in 2017. His arrest comes at a time when Chinese President Xi Jinping has waged an anti-corruption crackdown in the last couple of years that critics claim helps him purge political rivals and guarantee loyalty within his ranks. Watch | Ex-Chairman of China's Everbright group expelled from CCP Previous arrest The arrest of Tang comes in the backdrop of the banking group's other former boss Li Xiaopeng being arrested by the authorities on similar corruption charges. Li was arrested in October last year, days after being sacked from the CCP due to "severe violations of discipline and law". Also read | China: Former head of state-owned banking giant fired from Communist Party "Li had sought benefits for others in the selection and appointment of officials and took advantage of his power to secure profits for his relatives in their business operating activities," read a statement by the state media at the time. According to a report by CCTV, the investigation found out that Li accepted bribes, illegally held stakes in non-listed companies, and misused power to grant loans and business contracts in exchange for money. (With inputs from agencies)

China: Former chairman of state-owned banking giant Everbright arrested for alleged corruption

Li Xiaopeng, the former head of Chinese state-owned banking giant Everbright Group, was kicked out of the ruling Communist Party and dismissed from public office because of severe violations of discipline and law, state media reported on Monday (Oct 9).

Li Xiaopeng, the former head of Chinese state-owned banking giant Everbright Group, was kicked out of the ruling Communist Party and dismissed from public office because of severe violations of discipline and law, state media reported on Monday (Oct 9). According to a report by the Xinhua news agency, Li accepted gifts and money, defied a party policy on improving conduct and "attempted to obstruct the investigation into his case". "Li had sought benefits for others in the selection and appointment of officials and took advantage of his power to secure profits for his relatives in their business operating activities," the report added. The punishments for Li were handed down following a disciplinary investigation. Who is Li Xiaopeng? Li is an economist and has spent most of his career in the finance industry. He served in leadership positions in various major Chinese banks. He had previously served as Everbright's party secretary and chairman. According to a report by CCTV, the investigation found out that Li accepted bribes, illegally held stakes in non-listed companies, and misused power to grant loans and business contracts in exchange for money. In March, the Central Commission for Discipline Inspection (CCDI) in March said it would launch an "inspection tour" targeting 30 state-owned enterprises, including Everbright and other major players in China's financial sector. He is the latest financial executive in the country found guilty under President Xi-Jinping's anti-corruption campaign. Last month, the former chairman and CCP chief of China Life Insurance, Wang Bin, was handed "death with a two-year reprieve" for taking bribes and hiding overseas savings. Xinhua reported that Wang's sentence could be commuted to life imprisonment with no further reduction or parole after two years. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

China: Former head of state-owned banking giant fired from Communist Party

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China: Former chairman of state-owned banking giant Everbright arrested for alleged corruption

China: Former head of state-owned banking giant fired from Communist Party