Chinese Prosecution Arrests Former Chairman of Guangda Group on Bribery Charges

Former chairman Tang Shuangning of China’s Guangda Group, whose assets amount to over 1,000 trillion won, was arrested by prosecutors on bribery charges, according to major Chinese foreign media reports on the 16th (local time).

The Supreme People’s Procuratorate of China announced on its website the previous day that the National Supervisory Commission had completed its investigation into Tang Shuangning’s embezzlement and bribery case and transferred it to the prosecutors, who decided to arrest and indict him.

Tang Shuangning, former chairman of Guangda Group [Photo by Yonhap News]

Earlier, on the 6th, the Communist Party Central Commission for Discipline Inspection and the National Supervisory Commission (Discipline Inspection and Supervision Commission), China’s top disciplinary body, revealed that they were investigating serious violations of discipline and regulations by Tang Shuangning.

The Discipline Inspection and Supervision Commission pointed out that he failed to fulfill his duties, causing financial risks, imported and avidly read books and publications with serious political issues from overseas, and resisted the organization’s investigation.

The Supervisory Commission mentioned that he misappropriated public funds under the pretext of inspections to travel abroad, approved the purchase of buildings in violation of regulations, and accepted valuables such as calligraphy and paintings by famous artists, commemorative coins, and gifts.

Tang Shuangning is a prominent figure in China’s financial sector who served as chairman of Guangda Group from 2007 to 2017. Guangda Group, established in 1983 by China’s Ministry of Finance and others, is one of China’s three major state-owned financial holding companies, with assets totaling 7.4 trillion yuan (approximately 1,370 trillion won) as of the end of June last year.