Former chairman of state-owned bank China Everbright Group jailed for 12 years for corruption

BEIJING (AP) — Chinese official broadcaster CCTV says a former chairman of the state-owned bank China Everbright Group has been jailed 12 years for embezzlement and bribery. Tang Shuangning, who had also held senior posts at the People’s Bank of China and the China Banking Regulatory Commission, was arrested in January, part of a wider wave of prosecutions of senior officials accused of financial crimes. A court in the city of Tangshan, about 100 miles east of Beijing, found him guilty of taking advantage of his position at the state-owned bank in “seeking convenience for others” in jobs and loans, in exchange for illegal payments. The court said he had accepted illegal property with a total value of more than $1.5 million.