Tang Shuangning, former chairman of China Everbright Group, is expelled from the Chinese Communist Party

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Another former top business leader in China has been expelled from the Chinese Communist Party, showing that the crackdown on the country’s financial sector continues into the new year.

Tang Shuangning, former chairman and party leader of China Everbright Group, has been expelled for “serious violations of discipline and the law,” the country’s Central Commission for Discipline Inspection (CCDI) and State Supervisory Commission said in a joint statement on Saturday. Announced. .

CCDI, China’s top anti-corruption watchdog, said its investigation found that Tang had “abandoned his duties”, failed to act to diversify financial risks and accepted bribes.

The statement said he illegally accepted funds and gifts, including valuable calligraphy and paintings, and used his position to “seek benefits” from those he helped promote.

Tan illegally received large amounts of property and even “butler-style services,” authorities said.

Authorities said the suspect also brought books deemed to have “serious political issues” to China. China Everbright Group did not respond to a request for comment.

Mr Tan’s alleged crimes will be referred to prosecutors for further investigation and possible prosecution, while his illegally received income and property will be confiscated or transferred, the statement said.

Mr. Tang is one of China’s most influential business leaders and served as chairman of China Everbright University, one of China’s oldest and largest state-owned financial conglomerates, from 2007 to 2017. He also previously served as vice chairman of the China Banking Regulatory Commission (CBRC).

He is one of the latest high-profile former executives to clash with Chinese authorities, and the second former member of China Everbright to be dismissed from the party in recent months.

In April last year, another former Mr. Li Xiaopeng The CCDI announced that Mr. Tang’s successor as chairman of China Everbright University is being investigated on suspicion of “serious violations of law and discipline.”

According to Xinhua news agency, Li was expelled from the Communist Party in October and arrested on suspicion of bribery.

China Evergrande New Energy Vehicle Group announced on Monday that one of its executives had been detained.

In a filing to the Hong Kong Stock Exchange, the company said Liu Yongzhuo, vice chairman of troubled real estate giant Evergrande’s electric vehicle unit, had been detained “on suspicion of illegal crimes.” The company’s shares fell 7% as a result of the trading suspension, although details were not disclosed.

In total, the commission investigated more than a dozen executives at the nation’s most powerful financial institutions last year, according to a CNN analysis of statements posted on the CCDI website.

Among them were big names at the top of China’s financial system, such as Liu Liangge, former chairman of a state-owned financial institution. Wang Bin, former head of Bank of China and state-run Chinese Life Insurance.

Other executives targeted by CCDI include Bao Huang, a star investment banker and tech trader. He went missing in February last year and was later reported by Chinese state media to be in the custody of anti-corruption agencies.

His investment firm China Renaissance subsequently named an interim replacement and named an acting chief executive in October.

Zhang Hongli, a former senior executive at Industrial and Commercial Bank of China (ICBC), was also investigated by the CCDI in November.