Former chairman of China Everbright Group stands trial for graft

Li Xiaopeng, former Party chief and chairman of China Everbright Group, on Monday stood trial on the charge of taking bribes at a court in the city of Daqing, Heilongjiang Province.

Li was accused of taking advantage of his various posts at institutions such as the Industrial and Commercial Bank of China and the China Everbright Group to assist others in matters such as corporate financing, loan credit, business solicitation and employee recruitment. In return, he accepted money and gifts worth over 60.43 million yuan (about 8.5 million US dollars).

During the trial, prosecutors, the defendant and his defense counsel cross-examined the evidence and gave their respective accounts, according to a court statement.

A verdict will be announced in due course.