Falcon powers – A former executive director of the People’s Bank of China (PBOC) has been accused of embezzlement and bribery as part of a wave of judicial crackdowns on senior officials involved in financial crimes.
Tang Shuangning, who held high positions in the PBOC and the China Banking Regulatory Commission, as well as being a former chairman of Everbright Group, has been indicted by a court in Tangshan, according to a statement issued by the Supreme People’s Procuratorate on Friday.
Tang (69 years old) was arrested in January on suspicion of being involved in embezzlement and bribery, and he was expelled from the ruling Communist Party in the same month.
The statement alleges that Tang is suspected of exploiting his position in the state-owned bank “to seek benefits for others” in terms of job placements and loans in exchange for “particularly massive” illegal payments.
This comes as part of a wave of judicial crackdowns on senior officials accused of committing financial crimes. In February, similar charges were leveled against Liu Liang, the former president of the Bank of China.
Among other senior bankers targeted by corruption allegations is Sun Guofeng, a former senior official at the People’s Bank of China, who was sentenced to over 16 years in prison for accepting bribes.
