Head of $11 bn Chinese state firm found hanged amid graft probe
The head of a multi-billion-dollar state-owned Chinese heavy machinery manufacturer was found hanging in his office as anti-corruption investigators probed his firm, state media said Tuesday.
Police believe Wu Shengfu, 51, the general manager of China First Heavy Industries (CFHI), killed himself, the official Xinhua news agency reported.
CFHI makes machinery for purposes ranging from nuclear power equipment to petrochemical and auto manufacturing. Its Shanghai-listed arm — of which Wu was chairman — has a market capitalisation of 66.8 billion yuan ($10.8 billion).
His body was found early Monday in his office at the company headquarters in the northeastern city of Qiqihar, Xinhua said.
The ruling Communist Party’s feared anti-corruption investigators are carrying out a two-month inspection of the company, Chinese news portal thepaper.cn reported, adding that whistleblowing allegations against Wu had circulated online previously.
CFHI is one of the 53 enterprises directly run by the central government that are “key to national security and economy”, according to its website.
President Xi Jinping’s anti-corruption campaign has ensnared a long list of senior as well as low-ranking officials including the country’s former security czar Zhou Yongkang, who was sentenced to life in jail in June. Read more