The former head of China’s state-owned financial powerhouse, Everbright Group, Li Xiaopeng, has been arrested on charges of accepting bribes, as reported by state media sources on Thursday.
This development follows Li’s recent expulsion from the Chinese Communist Party and removal from public office due to “severe violations of discipline and law.”
Li Xiaopeng, who previously held the positions of Everbright’s party secretary and chairman, was taken into custody “for suspected bribe-taking,” according to the Supreme People’s Procuratorate, the governmental body that issued the arrest order.
Chinese President Xi Jinping has been leading an extensive anti-corruption campaign since taking office, which some critics argue serves not only to combat corruption but also to eliminate political rivals and ensure loyalty within the ranks of the Party.
The investigation into Li’s alleged wrongdoing found that he had accepted gifts and money, violated Party policies related to conduct improvement, and had even attempted to obstruct the investigation into his case, according to Xinhua.
The news agency further reported, “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.”
Li Xiaopeng, an economist by training, has spent most of his career in the finance sector and held leadership positions in several major Chinese banks. He retired from his chairmanship at China Everbright in March 2022.
This arrest comes in the wake of China’s top anti-corruption body’s announcement in March of an “inspection tour” aimed at 30 state-owned enterprises, including China Everbright Group and other major financial organizations in the country.
In a similar case last month, the former chairman and CCP chief of China Life Insurance, Wang Bin, was sentenced to life in prison for corruption.
Wang received a “death with a two-year reprieve” sentence for accepting bribes and concealing overseas savings.
According to Xinhua, his sentence can potentially be commuted to life imprisonment without further reduction or parole after two years.
