SHIJIAZHUANG -- Tang Shuangning, former Party chief and chairman of China Everbright Group, on Wednesday stood trial on charges of embezzlement and acceptance of bribes at a court in North China's Hebei province.

According to the prosecutors, in April 2003, Tang used his position at the People's Bank of China (PBOC) to take public property worth about 3 million yuan ($427,338) into his own possession.

Tang was also accused of taking advantage of his positions at the PBOC, the now-defunct China Banking Regulatory Commission, China Everbright Group, and China Everbright Bank to benefit others in matters such as position adjustment and obtaining loans between 2000 and 2017. He allegedly took over 11 million yuan worth of money and valuables in return.

During the trial, the prosecutors presented evidence, which was examined by the defendant and his lawyers. Both sides then provided their respective accounts, according to a court statement.

Tang pleaded guilty and expressed remorse in his final statement.

The verdict will be announced in due course.