China probes former Bright Food chairman for suspected graft [Reuters]
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Source: Reuters
China probes former Bright Food chairman for suspected graft | Reuters Reuters Staff 2 Min Read SHANGHAI, May 26 (Reuters) - China is investigating the former chairman of state-owned conglomerate Bright Food Group Co Ltd for suspected graft, the ruling Communist Party’s anti-corruption watchdog has said. The Central Commission for Discipline Inspection (CCDI) said late on Friday it was investigating Lu Yongjie, Bright’s chairman until the end of 2015, for suspected “serious discipline violation”, a common euphemism for corruption. The probe makes Lu the latest in a string of high-profile Chinese executives who have come under fire as the country looks to rein in risks in the financial and corporate sector over concerns of risky behaviour and high leverage. The CCDI gave no further details. Reuters could not immediately reach Bright or Lu for comment. Bright, the parent of listed Bright Dairy and Food Co Ltd , was an active global dealmaker under Lu, with deals for British cereal maker
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