Chinese authorities have launched an investigation into the former chairman of several state-owned enterprises amid the government’s stepped-up campaign against corruption, the Wall Street Journal reported on Wednesday.
Wang Zongnan is suspected of accepting bribes and embezzling public funds while serving as general manager of retail chain Shanghai Friendship Group Inc. (600827.CN) and Lianhua Supermarket Holdings Co. (00980.HK), according to the official Xinhua News Agency. Shanghai Friendship owns 34 percent of Lianhua.
The 59-year-old businessman is best known for having served as chairman of Bright Food Co., a Shanghai-based food maker and retailer that runs more than 3,300 retail stores across the country, according to the newspaper.
During his tenure at the company, Wang led the purchase of British-based cereal maker Weetabix Food Co. in 2012 and Australia’s Manassen Foods in 2011, the report said.
He retired from Bright Foods last year, citing poor health, after serving for eight years. He was chairman of Shanghai Friendship from 2000 to 2006 and headed Lianhua from 2003 to 2006.
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