Former Chairman of China Everbright Group Expelled from Chinese Communist Party

Get the latest updates on China's rise and global impact by signing up for CNN's Meanwhile in China newsletter. The ongoing crackdown on the country's financial sector is evident as another prominent business leader has been expelled from the Chinese Communist Party.

The China Everbright Group's former chairman and party chief, Tang Shuangning, has been officially expelled due to "serious violations of disciplines and laws," according to a joint statement from the Central Commission for Discipline Inspection (CCDI) and the National Supervisory Commission. The CCDI, Chinas leading anti-corruption watchdog, revealed that an investigation uncovered Tang's neglect of duties, failure to address financial risks, and acceptance of bribes.

He was found to have accepted funds and gifts, including valuable calligraphy and paintings, in violation of the law. He also leveraged his position to receive benefits from individuals he assisted in obtaining job promotions. Additionally, Tang unlawfully accepted significant amounts of property and "butler-style services," as per the agencies.

He also imported books into China that were considered to have "significant political issues," according to officials. China Everbright Group did not respond right away to a request for comment.

Tang's alleged crimes will be sent to prosecutors for further assessment and possible legal action, while the money and property he unlawfully acquired will be seized or transferred, the statement said.

Former Vice President of ICBC (Industrial and Commercial Bank of China), Lee Zhang, gives a speech at the 16th CAIJING Annual Conference 2019: Forecasts and Strategies in Beijing, China on November 13, 2018. The annual meeting is themed "Four Decades of Reform and Opening Up in China: Direction and Motivation."

Niu bo/Imagine China/Reuters

Chinas corruption watchdog investigates former ICBC banker as clampdown continues

Tang held the position of chairman at China Everbright, one of the country's oldest and largest state-owned financial conglomerates, from 2007 to 2017. Prior to that, he served as vice chairman of the China Banking Regulatory Commission (CBRC). He is the most recent high-ranking executive to face consequences from Chinese authorities and the second from China Everbright to be ousted from the party in recent months.

In April of last year, Li Xiaopeng, who had taken over from Tang as the chairman of China Everbright, came under investigation for alleged "serious violations of law and discipline," according to the CCDI. Fast forward to October, Li was removed from the Communist Party and detained on charges of accepting bribes, as reported by Xinhua.

Throughout the past year, the commission conducted investigations into over twelve senior executives from the country's leading financial institutions, as reported in a previous CNN analysis of statements on the CCDI's website. Among those investigated were well-known figures at the highest levels of China's financial sector, including Liu Liange, former chairman of state-owned Bank of China, and Wang Bin, former head of state-owned China Life Insurance.

Additional executives facing scrutiny from the CCDI include Bao Fan, a prominent investment banker and technology dealmaker. He was reported missing last February and subsequently confirmed to be in the custody of the anti-graft agency by Chinese state media. Following his absence, interim leadership was appointed at his investment firm, China Renaissance, with an acting chief executive appointed in October.

Former senior executive at the Industrial and Commercial Bank of China (ICBC), Zhang Hongli was also investigated by the CCDI in November. This report includes contributions from CNN's Wayne Chang and Martha Zhou.