BEIJING: According to Chinese state broadcaster CCTV, Li Xiaopeng, a former party leader and president of China Everbright Group, was fired from both his position and the Communist Party for serious infractions of the law, including corruption.
Li is the most current Chinese financial professional to be found guilty as a result of President Xi Jinping’s anti-corruption campaign, which has recently focused on the financial institutions of the nation.
The anti-graft organization in China announced in April that Li was being looked into for potential legal transgressions.
According to CCTV, the investigation revealed that Li accepted money, improperly held stock in non-listed organizations, and abused his authority to award mortgages and business deals in exchange for cash.
Li was punished a few days after the original Bank of China chairman was expelled by the Communist Party, which was in power at the time, on charges of engaging in illegal activity and accepting gifts.
One of China’s largest economic businesses, China Everbright Group, is the owner of listed companies such as Beijing Everright Bank, EverBright Securities, and Shanghai Evercright.