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

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.

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