Boss of Chinese conglomerate facing prosecution for graft

AP News
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Posted: Sep 11, 2015 6:07 AM

BEIJING (AP) — The former boss of one of China's biggest state-owned conglomerates has become the latest senior figure snared in a wide-ranging anti-corruption crackdown.

Song Lin, former chairman of China Resources (Holdings) Ltd., was expelled Friday from the ruling Communist Party and turned over to prosecutors, the party's discipline agency announced. It said he is accused of embezzlement, adultery and taking bribes.

China Resources has 450,000 employees and owns China's biggest beer brewer and supermarket operator as well as businesses in electric power, finance and real estate. The company reported profit of $6.7 billion last year and $145 billion in assets.

Song was fired last year in the midst of an anti-corruption campaign that has snared a former member of the ruling party's inner circle, Zhou Yongkang, and executives at oil and other state-owned companies.

The crackdown was launched by President Xi Jinping after he came to power in mid-2013. He has promised to pursue senior officials as well as lower-level violators.

An aide to former President Jiang Zemin, former generals and the head of the national volleyball program also have been detained.

Investigators believe Song took bribes in exchange for promotions and business decisions, spent company money on playing golf and committed other "serious violations of political discipline," the Central Commission for Discipline Inspection said. It said the proceeds of illegal acts would be seized.