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 man was brought in for investigation.
The statement said Mr. Tang, who headed the conglomerate from 2007 until his retirement in 2017, accepted bribes to help others obtain loans and promotions, and was accused of bringing banned books into mainland China. found.
Tang also said the party “failed to resolutely implement important decisions and plans made by the party, weakening the party’s leadership over state-owned enterprises.”
“He also failed to effectively prevent and mitigate financial risks,” the statement said, without providing further details.
Chinese banker sentenced to life in prison in $483 million corruption case
Chinese banker sentenced to life in prison in $483 million corruption case
Additionally, Mr. Tang was accused of using his position to promote his own calligraphy and artistic works.
According to anti-corruption fighters, “he wanted to become an official and be famous at the same time.”
Mr. Tang is known for leading China Everbright Group’s initial public offering (IPO). The conglomerate, which includes banks, brokerages and other financial units, went public in Shanghai in 2010 and in Hong Kong in 2013.
In October, his successor Li Xiaopeng, who served as party leader from 2017 to 2022, was also expelled from the party for bribery and other discipline violations.
Tang is the latest in a number of financial executives to be detained by anti-corruption advocates in recent years as part of a broader anti-corruption campaign launched by President Xi Jinping.
At the end of 2021, inspection teams were dispatched to 25 major financial institutions and supervisory institutions. In March last year, inspection teams were again dispatched to five of these financial institutions and 30 state-owned enterprises affiliated with the central government.
CCDI said the number of state-owned enterprises surveyed had “significantly increased” compared to the same period in 2022, but did not provide figures.
On Saturday, the anti-corruption faction also announced that Xu Wenrong, a former deputy general manager of the 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. . Mr. Xu and Mr. Wen were expelled for corruption.