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

According to multiple reports in Chinese state media outlets, including Xinhua News Agency and China Securities Journal, Liu Zhongtian, the former chairman of China Everbright Group, a leading financial services conglomerate based in China, has been formally arrested and is under investigation for allegedly taking bribes.

The China Securities Regulatory Commission (CSRC) announced on December 23, 2020, that Liu was being investigated for "serious violations of laws and regulations," without providing further details. However, Xinhua News Agency reported that Liu was being investigated for accepting bribes, making him the latest high-profile figure to be ensnared in China's ongoing anti-corruption campaign.

Liu served as the chairman of China Everbright Group from 2013 to 2018. Under his leadership, the company expanded its business operations both domestically and internationally, and became one of China's leading financial services providers. However, his tenure was not without controversy. In 2015, Liu was investigated for suspected insider trading in China Everbright Bank shares, but was later cleared of any wrongdoing.

The latest development in the case comes as part of a wider crackdown on corruption in China's financial sector. In recent years, several high-profile figures in the industry have been investigated and punished for various forms of misconduct, including bribery, insider trading, and embezzlement.

It is important to note that all individuals are presumed innocent until proven guilty in accordance with Chinese law. The investigation into Liu Zhongtian is ongoing, and further details about the allegations against him have not been disclosed at this time.

China Everbright Group has not issued a public statement regarding the matter, but its shares have been suspended from trading on the Shenzhen Stock Exchange since December 23, 2020. The company's Hong Kong-listed shares have also been suspended from trading since December 24, 2020.

The anti-corruption campaign in China, which was launched in 2012 under President Xi Jinping, has been widely praised for its success in rooting out corruption in various sectors of Chinese society. However, it has also been criticized for its heavy-handed tactics and its focus on targeting political rivals and perceived enemies of the Chinese Communist Party.

Regardless of one's perspective on the campaign, it is clear that Liu Zhongtian's arrest is a significant development in the ongoing fight against corruption in China's financial sector. The outcome of the investigation will be closely watched by observers both in China and abroad.