Former China Everbright Group chairman charged with taking bribes, state media reports

According to multiple reports from state-run media outlets in China, Liu Zhongtian, the former chairman of China Everbright Group, a major Chinese financial conglomerate, has been formally charged with taking bribes. The charges were announced by the anti-graft body of the Communist Party of China, the Central Commission for Discipline Inspection (CCDI), and the National Bureau of Corruption Prevention and Control.

Liu Zhongtian, who was also a member of the Communist Party of China and a deputy to the National People's Congress, was placed under investigation in December 2020 for suspected "serious violations of laws and regulations." The CCDI and the National Bureau of Corruption Prevention and Control announced the formal charges against him on March 11, 2021.

The state media reports do not provide details about the identity or number of individuals or organizations that allegedly offered or gave bribes to Liu Zhongtian. They also do not specify the amount or nature of the bribes. However, they do note that Liu is suspected of "accepting huge amounts of money and property" as bribes during his tenure as chairman of China Everbright Group.

China Everbright Group is a leading financial services company in China, with operations in banking, insurance, securities, and investment. The company was founded in 1992 and has grown to become one of China's largest financial conglomerates, with assets totaling over $100 billion.

The anti-graft investigation and charges against Liu Zhongtian are part of a wider campaign by the Chinese government to root out corruption and maintain public trust in the Communist Party and its institutions. The CCDI and other anti-corruption agencies have targeted thousands of officials at all levels of government and in various industries in recent years.

Liu Zhongtian's case is not the first high-profile corruption case involving a former executive of a major Chinese company. In 2015, Wang Zongnan, the former chairman of China's largest steelmaker, Baosteel, was sentenced to 15 years in prison for taking bribes and other crimes. In 2018, Xu Ming, the former chairman of Dalian Shide Group, was sentenced to life in prison for embezzlement and other crimes.

The Chinese government has vowed to continue its crackdown on corruption and to hold officials and business leaders accountable for any wrongdoing. The anti-corruption campaign is seen as a key priority for President Xi Jinping, who has made it a central plank of his administration's agenda since he came to power in 2012.

The investigation and charges against Liu Zhongtian are still ongoing, and it is not clear what penalties he may face if found guilty. However, the case is likely to attract widespread attention in China and beyond, given Liu's high-profile position and the size and scope of China Everbright Group. The case also underscores the risks and challenges that businesses and individuals face in China's complex and rapidly evolving economic and political landscape.