Ex-China Everbright Group chairman expelled from Communist Party

Ex-China Everbright Group chairman expelled from Communist Party

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Tang Shuangning, former chairman and party chief of state-owned financial giant China Everbright Group, has been expelled from the ruling Communist Party over “serious violations of party discipline and law”.

The announcement was made by the Central Commission for Discipline Inspection (CCDI) and the National Supervisory Commission on Saturday – six months after the 69-year-old was taken away for investigation.

According to the statement, Tang – who headed the conglomerate from 2007 until he retired in 2017 – was found to have taken bribes to help others obtain loans and job promotions, and he brought banned books into mainland China.

It also said Tang had “failed to resolutely implement major decisions and plans made by the party, thus weakening the party’s leadership over state enterprises”.

“He also failed to prevent and defuse financial risks effectively,” the statement said, without elaborating.

Chinese banker jailed for life in US$483 million corruption case

In addition, Tang was accused of using his position to promote his own calligraphy and artwork.

“He wanted to be an official and be famous at the same time,” according to the graft-busters.

Tang is known for leading the quest for China Everbright Group’s initial public offering. The conglomerate – with banks, brokerage and other financial units – was listed in Shanghai in 2010 and Hong Kong in 2013.

In October his successor, Li Xiaopeng, who headed the group from 2017 to 2022, was also expelled from the party for taking bribes and other disciplinary violations.

Chen Shuang, who resigned in 2019 as chief executive of China Everbright Ltd, a financial services firm based in Hong Kong, was investigated for violations of party discipline and law in 2022.

Tang is the latest among a raft of senior financial executives detained in recent years by the graft-busters – part of a sweeping anti-corruption campaign launched by President Xi Jinping.

Inspection teams were sent to 25 major financial institutions and watchdogs in late 2021. And in March last year, teams were again sent to five of those institutions and another 30 state enterprises under the central government.

In August, the CCDI said it had detained more than 140 officials from state-owned enterprises for corruption investigations in the first half of the year, while over 200 cadres had turned themselves in.

The CCDI said the number of SOEs placed under investigation had “increased significantly” compared with the same period of 2022, but it did not give a figure.

On Saturday, the graft-busters also announced that Xu Wenrong, a former deputy general manager of China National Petroleum Corporation, was expelled from the party, along with Chen Jixing, a former vice-chairman of the Standing Committee of the Guangdong Provincial People’s Congress. Both Xu and Wen were expelled for corruption.

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