Former head of China Everbright Group charged with embezzlement, accepting bribes

Tang Shuangning, former Party chief and chairman of China Everbright Group, has been charged with embezzlement and accepting bribes by the Tangshan People's Procuratorate, Hebei province, as stated by the Supreme People's Procuratorate on Friday.

It said in a statement that the National Commission of Supervision recently concluded the investigation into Tang, and the Tangshan procuratorate was assigned to handle the case.

Prosecutors have informed Tang of his rights, interrogated him, and listened to the opinions of his defense counsel.

The prosecutors have accused Tang of using his positions such as head of the banking supervision department of the People's Bank of China, vice-chairman of the China Banking Regulatory Commission, Party chief and chairman of China Everbright Group, and the Party chief and president of Everbright Bank, to misappropriate a large quantity of public assets and seek benefits for others in matters such as job transfers and loan acquisition. He accepted a particularly large amount of property from others in return.

Prosecutors hold that he should be held criminally responsible for the crimes of embezzlement and taking bribes.

Tang, 69, became the chairman of the China Everbright Group in June 2007. He retired in December 2017.

He was placed under investigation in July 2023, expelled from the Party and arrested in January 2024.