Former Bright Dairy chief under probe, regulator says

Source:Reuters-Global Times Published: 2015-7-22 22:33:29

The former head of State-owned Bright Dairy & Food Co Ltd is under investigation for suspected serious disciplinary violations, China's anti-graft regulator said on Wednesday, employing its usual euphemism for corruption.

The regulator has opened an investigation of Guo Benheng, who left the company in June, the Shanghai branch of the Central Commission for Discipline Inspection (CCDI) said in a statement. It did not supply additional details about the case.

Earlier this month, the CCDI criticized powerful State-owned industries as being riddled with corruption.

Guo left Bright Dairy in June for "personal reasons," Bright spokesman Pan Jianjun told Reuters. He said that the probe would not have any impact on the company's business and that he did not know any further details about the investigation.

Bright Dairy's State-owned parent, Bright Food Group Co Ltd, has been one of the most active Chinese companies on the global market, making deals for companies ranging from Israel-based food maker Tnuva to British cereal brand Weetabix.

Bright Dairy in April reported that its net profit rose 39.25 percent year-on-year to 97.9 million yuan ($15.78 million) in the first quarter of the year.

China is expected to unveil a master plan to reform the powerful State-owned sector, but one has yet to be published.

Senior executives at automaker China FAW Group Corp, Baosteel Group and China National Petroleum Corp have all been put under investigation for corruption this year.



Posted in: Companies

blog comments powered by Disqus