HARBIN - Li Xiaopeng, former Party chief and chairman of China Everbright Group, was on Tuesday sentenced to 15 years in prison for accepting bribes.

Li was also fined 6 million yuan (about $831,000), and all his illegal gains will be recovered and turned over to the state treasury, according to the verdict by the Intermediate People's Court of Daqing City, Northeast China's Heilongjiang province.

READ MORE: Ex-chair of China Everbright arrested for suspected bribery

Li was found to have taken 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 loan credit, corporate financing and business contracting. In return, he accepted money and gifts worth over 60.43 million yuan.

Taking into account mitigating factors, such as Li's truthful confession after his arrest and the recovery of all his illicit assets and proceeds, the court handed down a lenient sentence.