Former Chairman of China’s Everbright Group Arrested on Bribery Charges

The former chairman of China’s state-owned banking giant, Everbright Group, Li Xiaopeng, has been arrested on charges of accepting bribes, according to state media reports. Li Xiaopeng, who had previously held positions as Everbright’s party secretary and chairman, was taken into custody for “suspected bribe-taking,” as announced by the Supreme People’s Procuratorate, a government body.

Li Xiaopeng’s arrest comes in the wake of his expulsion from the ruling Chinese Communist Party and removal from public office due to “severe violations of discipline and law.” An investigation found that he had accepted gifts and money, defied Party policies related to conduct, and attempted to obstruct the investigation into his case.

The investigation further revealed that Li had used his influence to benefit others in the selection and appointment of officials and had leveraged his position to secure profits for his relatives in their business activities. Li Xiaopeng, an economist by training, spent most of his career in the finance sector and held leadership positions at several major Chinese banks. He retired from the chairmanship of China Everbright in March 2022.

China has been actively pursuing an anti-corruption campaign under President Xi Jinping’s leadership, targeting officials and individuals engaged in corrupt practices within the Communist Party and government institutions. Critics have suggested that the campaign also serves as a means for Xi to consolidate power, eliminate political rivals, and ensure loyalty within the Party’s ranks.

In March, China’s top anti-corruption body announced plans to conduct an “inspection tour” focusing on 30 state-owned enterprises, including China Everbright Group and other major financial organizations in the country. This initiative reflects the ongoing efforts to combat corruption and uphold the rule of law.

Li Xiaopeng’s arrest is the latest development in China’s ongoing anti-corruption campaign, which has seen the punishment of high-ranking officials and corporate leaders for corrupt practices. Last month, the former chairman and CCP chief of China Life Insurance, Wang Bin, received a life sentence for bribery and hiding overseas savings, indicating the rigorous enforcement of anti-corruption measures in the country. Wang’s sentence was described as “death with a two-year reprieve,” and it could potentially be commuted to life imprisonment with no further reduction or parole after two years.