Li Xiaopeng, former chairman of China Everbright Group, a State-owned financial conglomerate, was sentenced to 15 years in prison for bribery by a court in Daqing, Heilongjiang province, on Tuesday.

According to investigation, from 1994 to 2021, Li was found to have taken advantage of his positions, including deputy head of the Industrial and Commercial Bank of China, general manager of the China Merchants Group and chairman of the China Everbright Group, to seek profits for many departments and individuals in various matters such as mortgage financing, project contracting and work promotion, and accepted bribes worth more than 60.43 million yuan ($8.48 million) in return, the Daqing Intermediate People's Court said in a statement.

The court believes that Li's actions constitute the crime of bribery, with an especially large amount, and should be punished according to law. Upon being apprehended, Li confessed his own crimes and voluntarily disclosed most of the bribery crimes that the investigating authorities had not yet uncovered. He also admitted guilt, expressed remorse, actively returned the illicit gains, and all proceeds and properties obtained through bribery have been fully recovered. As a result, Li was given a lenient punishment in accordance with the law. In addition, he was also fined 6 million yuan, the court said.