Financial Titan's Fall from Grace: Li Xiaopeng's Bribery Scandal

Li Xiaopeng, former chairman of China Everbright Group, received a 15-year prison sentence for accepting 60.4 million yuan in bribes from 1994 to 2021. His posts included vice president of the Industrial and Commercial Bank of China and chairman of Everbright Group. A fine of 6 million yuan was also imposed.

Li Xiaopeng, former head of China Everbright Group, has been handed a 15-year prison sentence for corruption, according to state broadcaster CCTV. His tenure was marked by major bribery offenses, involving a total sum of 60.4 million yuan in illicit payments over several decades.

Between 1994 and 2021, Li held significant roles, including vice presidency at the Industrial and Commercial Bank of China and chairmanship of Everbright Group. During this period, he amassed substantial bribes, exploiting his high-ranking positions for personal gain.

In addition to the prison term, Li faces a hefty financial penalty of 6 million yuan, with orders for his criminal proceeds to be seized. The case underscores the ongoing anti-corruption efforts within China's state-owned enterprises.

(With inputs from agencies.)