The former head of Chinese state-owned giant China Everbright, which specializes in asset management, has been formally arrested following a corruption investigation, state media said on Thursday.
In particular, 64-year-old Li Xiaopeng, who was also the highest Chinese Communist Party (CCP) representative in the company, was accused of receiving gifts and money.
The former leader is accused of accepting “bribes” of an unspecified amount, Xinhua News Agency reported on Thursday, citing the Supreme People’s Procuratorate.
According to the same source, his file was referred to the judiciary following an investigation by the National Supervision Commission, the state agency responsible for conducting anti-corruption investigations.
Since coming to power a decade ago, President Xi Jinping has waged an extensive anti-corruption campaign, particularly in the public sector. Critics say it is also a political tool to bring down rivals.
Li Xiaopeng’s formal arrest comes days after he was expelled from the CCP and all public office “for serious violations of discipline and the law.”
“Mr. “Li tried to gain benefits for others when selecting and appointing officials and used his power to guarantee his relatives profits from their business activities,” Xinhua said.
An economist by training, Li Xiaopeng spent most of his career in the financial sector.
Notably, he held leadership positions at several Chinese banks before relinquishing the chairmanship of China Everbright in March 2022.
The National Supervision Commission announced in March that it would launch an inspection campaign at 30 state-owned enterprises, including China Everbright and other major financial organizations.
In September, Wang Bin, a former boss of China’s largest insurer China Life, was sentenced to a “parole death sentence,” which is usually commuted to life in prison.
He was convicted of taking bribes and hiding money in foreign bank accounts.