Former president of Hong Kong blue-chip stock sentenced to 10 years of jail

Wang Yujun, former president of Hong Kong blue-chip stock China Resources Power,accepted bribes worth more than 427 million yuan (USD 64 million).

By: AFP | Beijing | Published: June 22, 2016 3:48:37 pm
china-stock-brexi 759 An investigation into Wang was announced in 2014.

A Chinese court has jailed a former top executive in one of the country’s largest state-owned conglomerates for 10 years for bribery and embezzlement, officials said, amid a corruption probe into its parent.

Wang Yujun, former president of Hong Kong blue-chip stock China Resources Power, was sentenced last week by a court in the eastern province of Jiangsu, local prosecutors said on their website.

Wang accepted bribes worth more than 427 million yuan (USD 64 million) between 2005 and 2013, they on Tuesday cited the court as saying.

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Chinese President Xi Jinping has targeted the country’s sprawling state-owned companies in a much-publicised anti-graft drive since assuming power in 2012.

The ruling Communist party said last year that Song Lin, the chairman of the firm’s parent conglomerate China Resources, would be removed from all his official posts for taking bribes and committing adultery.

China Resources, a Fortune magazine Global 500 company in 2013, has five listed units in Hong Kong, with utility China Resources Power, a constituent of the benchmark Hang Seng Index with a market capitalisation of USD 7 billion, considered the flagship.

An investigation into Wang was announced in 2014.

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