The former chairman of Chinese state-owned banking giant Everbright Group, Tang Shuangning, was sentenced today to 12 years in prison for corruption, local media reported.
The 70-year-old banker was found guilty of embezzlement by a court in Tangshan (north), which handed down the sentence, Chinese state television CCTV reported.
In January, investigators in charge of the case announced his arrest following a long investigation by China's anti-corruption agency.
In April 2003, Tang misappropriated three million yuan (393,000 euros) of public money "for his own use" while working for the People's Bank of China (central bank), judicial authorities found, according to CCTV.
Furthermore, between 2000 and 2017, he "illegally accepted goods worth a total of 11.02 million yuan (1.4 million euros)" during the period in which he held various positions, including at Everbright.
Although these sums are "extremely high", the court decided to reduce Tang Shuangning's sentence considering the fact that he confessed and cooperated with the investigation, according to CCTV.
Chinese President Xi Jinping launched a relentless campaign against corruption more than a decade ago.
Supporters argue that this campaign promotes better governance, while critics claim that it allows Xi to sideline his political rivals.
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