THE former head of Chinese state-owned banking giant Everbright Group has been kicked out of the ruling Communist Party and dismissed from public office “due to severe violations of discipline and law”, state media reported today.

The punishments for Li Xiaopeng – who previously served as Everbright’s party secretary and chairman – were handed down following a disciplinary probe.

Xinhua news agency reported Li accepted gifts and money, defied a party policy on improving conduct and “attempted to obstruct the investigation into his case”.

“Li had sought benefits for others in the selection and appointment of officials and took advantage of his power to secure profits for his relatives in their business operating activities,” Xinhua said.

Trained as an economist, Li has spent most of his career in the finance industry.

He served in leadership positions at several major Chinese banks, before retiring from the chairmanship at China Everbright in March last year.

President Xi Jinping is leading an aggressive crackdown on alleged corruption.

China’s Central Commission for Discipline Inspection in March said it would launch an “inspection tour” targeting 30 state-owned-enterprises, including China Everbright Group and other major players in the country’s financial sector.

Last month, the former chairman and CCP chief of China Life Insurance, Wang Bin, was handed “death with a two-year reprieve” for taking bribes and hiding overseas savings.

His sentence “can be commuted to life imprisonment… (with) no further reduction or parole” after two years, Xinhua said. – AFP, October 9, 2023.