China: Ex-Everbright chairman under investigation

Beijing [China], April 7 : Chinese anti-graft authorities have launched an investigation against Li Xiaopeng, former Party chief and chairman of China Everbright Group for suspected severe violations of Party discipline and laws, according to Xinhua News Agency citing the official statement.

Li is being investigated by the Communist Party of China, the Central Commission for Discipline Inspection and the National Commission of Supervision.

This statement came a week after the investigation was launched against former Bank of China (BOC) chairman Liu Liange, according to The Global Times

Notably, he is the first former head of a centrally administered state-owned lender to be put under criminal investigation since the 20th CPC National Congress was held in October 2022, according to a report from the news site Chinanews.com.

More than eight senior executives from large state-owned banks and insurance compes were put under investigation in March alone, according to Chinese media reports. The list includes Wang Jianhong, former head of BOC's Beijing branch; Zhao Zhiran, an executive of China Construction Bank's Shenzhen branch, in South China's Guangdong Province, and other executives.

Against the backdrop of the latest wave of banking system crises in the US and Europe, it is crucial for China to enhance the stability of the country's financial system and eliminate hidden risks, the observers said.

On March 27, CCDI, China's top anti-graft watchdog, said it will launch a fresh round of investigations into more than 30 state-owned compes, including China Investment Corporation and PetroChina, and will also "look back" at five other financial firms that had been previously scrutinized such as China Everbright Group, reported The Global Times.