Ex-chair of Chinese state-run bank Everbright held for corruption

News Snapshot:

Prosecutors announced on Monday that the former head of the state-owned Chinese banking behemoth Everbright Group has been detained on charges of bribery and corruption. The prosecution’s office released a statement stating that the national corruption authority had “concluded its investigation into the suspected corruption and bribery case of Tang Shuangning, former party secretary and chairman of China Everbright Group, and transferred the case to the procuratorate for review and prosecution”. His detention occurs at a time when President Xi Jinping’s extensive anti-corruption drive is putting more and more pressure on China’s banking industry. Since taking office, Xi has launched...