Date
18 December 2017
Wang Qishan has called on state-owned conglomerates to tighten discipline and intensify punishment of corrupt behavior . Picture: Bloomberg
Wang Qishan has called on state-owned conglomerates to tighten discipline and intensify punishment of corrupt behavior . Picture: Bloomberg

Beijing to step up anti-graft probe into Hong Kong SOEs

Beijing will step up anti-graft investigation into five major state-owned conglomerates in Hong Kong, Sina.com reported Friday, citing Yu Liming, vice president of China Merchants Group.

Wang Qishan, secretary of the Central Commission for Discipline Inspection of the Communist Party of China, has urged the city’s major state-owned conglomerates to tighten discipline and intensify punishment of corrupt behavior, the report said.

The probe will mainly target China Merchants Group, China Resources Holdings, Bank of China, CITIC Group and Everbright International, it said.

According to local media reports, the majority of employees in the Hong Kong offices of these SOEs as well as in companies affiliated with 35 Chinese provinces are children or relatives of high-ranking government officials. Most of them have already obtained Hong Kong or foreign passports illegally.

“The audit will help us find our problems and be better prepared for future development. We welcome that,” Yu was quoted as saying.

The move comes after Song Lin, former chairman of China Resources Holdings, was sacked amid a corruption probe into the state-owned group last month.

In July 2013, two mainland journalists accused Song of overpaying several billion yuan for a basket of coal mining-related assets.

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JZ/JP/CG

Freelance journalist

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