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Thursday, Apr 17, 2014

Asia

China anti-graft body probes state-owned company head

Thursday, Apr 17, 2014

BEIJING - The head of one of China's major state-owned firms is being investigated by the country's anti-graft authority, the body said Thursday, following allegations of graft made by a domestic journalist.

China Resources chairman Song Lin is being probed for "suspected serious violations of discipline and law", China's Central Commission for Discipline Inspection said in a brief statement on its website.

The jargon used in the statement would suggest a corruption investigation has been launched.

A journalist with China's official Xinhua news agency, Wang Wenzhi, last July accused Song of "corruption involving a huge amount" and has since made further allegations.

Song has denied any wrongdoing.

China Resources, a Fortune Global 500 company, is a conglomerate operating in sectors including retail, property, finance and electricity.

Communist Party authorities have been waging a much-publicised anti-graft campaign in the year since President Xi Jinping came to power.

But critics say no systemic reforms have been introduced to increase transparency to help battle endemic graft.

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