After nearly 5 months since the first trial began, the former chairman of China Everbright Group Corporation (Everbright Group), Li Xiaopeng, was sentenced for bribery, accused of accepting over 60.43 million yuan (RMB) and receiving a 15-year prison term.
On March 18, the Intermediate People’s Court of Daqing City, Heilongjiang Province, publicly pronounced the verdict of Li Xiaopeng, former Secretary of the Party Committee and Chairman of China Everbright Group Corporation, in a bribery case. Li Xiaopeng was sentenced to 15 years in prison for bribery and fined 6 million yuan.
The court stated that from 1994 to 2021, Li Xiaopeng used his positions such as the branch manager of the Industrial and Commercial Bank of China in Zhengzhou City, Henan Province, and Beijing City, assistant to the Bank’s President, Vice President, Vice President of the Industrial and Commercial Bank of China Limited, General Manager, and Vice Chairman of China Merchants Group Limited, Chairman of China Everbright Group Corporation, to provide assistance to relevant units and individuals in matters such as loan approval, corporate financing, and business contracting, in exchange for illegal gains totaling over 60.43 million yuan.
In April 2023, Li Xiaopeng was investigated and removed from the Communist Party of China and public office in October, then brought to court for the first trial on October 28, 2024.
Born in May 1959, Li Xiaopeng had worked in the financial system for many years, serving as Vice President of the Industrial and Commercial Bank of China, Chairman of China Investment Limited Liability Company, Vice Chairman, and General Manager of China Merchants Group Limited.
In December 2017, Li Xiaopeng was appointed as the Secretary of the Party Committee and Chairman of China Everbright Group, retiring in March 2022.
Notably, on September 25, 2024, Li Xiaopeng’s predecessor Tang Shuangning was tried for embezzlement and bribery, accused of embezzling 3.015 million yuan and receiving over 11.02 million yuan in bribes. Tang Shuangning pleaded guilty in court, and the sentencing was postponed. On December 10 of the same year, Tang Shuangning was sentenced to 12 years in prison.
In April 2023, Li Xiaopeng was investigated, and Tang Shuangning was detained in July. Within a span of more than three months, both the former and current chairmen of Everbright Group were investigated, causing concern within and outside the group. Caixin Net reported that with both former chairmen of Everbright Group under investigation, insiders were worried about more revelations in the future.
Established by the Ministry of Finance and CIC, China Everbright Group is a state-owned large-scale comprehensive financial holding group founded in Hong Kong in May 1983, primarily engaged in banking, securities, insurance, and investment management businesses.