Ex-chairman of China Everbright Group Li expelled from Communist party and post

BEIJING (Reuters) -Former party chief and chairman of China Everbright Group Li Xiaopeng was expelled from the Communist Party and his post for severe violations of discipline and law including bribery, Chinese state broadcaster CCTV reported on Monday.

Li is the latest Chinese financial executive found guilty under President Xi Jinping’s anti-corruption campaign that has in recent years targeted the country’s financial institutions.

China’s anti-graft body said in April that Li was under investigation for possible law violations.

The probe found that Li accepted bribes, illegally held stakes in non-listed companies, and misused power to grant loans and business contracts in exchange for money, according to CCTV.

Li’s punishment came days after China’s ruling Communist Party expelled the former chairman of Bank of China from the party, accusing him of illegal activities and taking bribes.

China Everbright Group is one of China’s biggest financial conglomerate and owns listed units including China Everbright Bank Ltd, Everbright Securities Co and China Everbright Ltd.

(Reporting by Beijing newsroom; Editing by Jacqueline Wong and Lincoln Feast.)