Ex-boss of China banking giant arrested for taking bribes

[superadmin]

BEIJING: The former boss of China’s state-owned banking giant Everbright Group has been arrested on charges of taking bribes, state media said Thursday.

Li Xiaopeng – a former party chief who previously served as Everbright’s chairman – was arrested “for suspected bribe-taking”, state news agency Xinhua said, citing the Supreme People’s Procuratorate, the government body that issued the order.

Chinese President Xi Jinping has waged an anti-corruption crackdown since taking office that critics claim helps him purge political rivals and guarantee loyalty within his ranks.

Li’s arrest comes days after he was kicked out of the ruling Chinese Communist Party and dismissed from public office “due to severe violations of discipline and law”.

A probe found Li had accepted gifts and money, defied party policy on improving conduct, and “attempted to obstruct the investigation into his case”, Xinhua said.

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