In the news report dated October 28, 2024, the trial of Li Xiaopeng, former chairman of the Guangda Group, began in the first instance, where he was accused of accepting bribes exceeding 60.43 million Chinese Yuan. Last month, Li’s predecessor Tang Shuangning was also on trial for corruption and bribery.
On October 28, the Intermediate People’s Court of Daqing City, Heilongjiang Province, publicly held the first instance trial of Li Xiaopeng, former party secretary and chairman of the board of directors of China Guangda Group Corporation, for bribery.
The Daqing City Procuratorate alleged that from 1994 to 2021, Li Xiaopeng took advantage of his position and the conveniences formed by his duties or powers to provide assistance to multiple units and individuals in matters such as company financing, loan crediting, business contracting, and employee recruitment, directly or through others accepting money worth over 60.43 million Yuan from the aforementioned entities and individuals. The prosecution requested to hold Li Xiaopeng criminally responsible for the crime of bribery.
Li Xiaopeng pleaded guilty in court, and the court announced that the sentencing would be scheduled for a later date.
In April 2023, Li Xiaopeng was investigated, and in October, he was expelled from the Communist Party of China, dismissed from public office, and transferred to judicial authorities.
Born in May 1959, Li Xiaopeng worked in the financial system for many years, serving as deputy general manager of Industrial and Commercial Bank of China, chairman of China Investment Limited Liability Company, and vice chairman and general manager of China Merchants Group Co., Ltd.
In December 2017, Li Xiaopeng assumed the positions of Party Secretary and Chairman of China Guangda Group until his retirement in March 2022.
It is noteworthy that on September 25, Tang Shuangning, the predecessor of Li Xiaopeng, stood trial for corruption and bribery, with charges of embezzling 3.015 million Yuan and accepting bribes exceeding 11.02 million Yuan. Tang Shuangning pleaded guilty in court, and the court announced that the sentencing would be scheduled for a later date.
In April of the previous year, Li Xiaopeng was investigated, and Tang Shuangning was detained in July. Within a span of over three months, both former and current chairmen of the Guangda Group were under investigation, causing concerns within and outside the company. According to a report by Caijing, insiders at the Guangda Group are worried that these investigations could lead to further revelations.