Ex-Chairman Sentenced: A Corruption Crackdown in China

Tang Shuangning, former chairman of China Everbright Group, received a 12-year jail sentence for embezzlement and bribery. His conviction is part of China's wider crackdown on corruption, targeting high-level officials in financial institutions. Despite his retirement, Tang was expelled from the Communist Party earlier this year.

Tang Shuangning, a former chairman of the state-owned China Everbright Group, has been sentenced to 12 years in prison for embezzlement and bribery, according to an announcement by official broadcaster CCTV on Tuesday.

The court in Tangshan convicted Tang of abusing his position for personal gain, accepting illicit property worth over 11 million yuan in exchange for favors in employment and loans. The legal proceedings against Tang come amid a sweeping anti-corruption campaign targeting numerous senior officials.

This significant crackdown aligns with President Xi Jinping's decade-long effort to combat graft and enforce governance, yet critics argue it also serves to eliminate political opponents. Several other high-ranking officials in China's banking sector have faced similar charges recently.

(With inputs from agencies.)