Sunday Times 2
High-profile China conglomerate top executive faces court for plunder, golf and graft
View(s):A prominent executive of a leading Chinese state-owned trading conglomerate was expelled from the ruling Communist Party today for dipping into the public purse, bribery, plunder, and even adultery. Song Lin, 52, who had been ejected last year from the chairmanship of China Resources (Holdings) Company will be prosecuted for his crimes.
Chairman of China Resources Song Lin
He has been detained, along with another executive, who was also booted from the party on Friday for suspected crimes including posting his wife to a paid nominal job. These are violations being severely punished by China’s leaders and which will resonate across Sri Lanka’s civil society and its people who yearn for a corruption and nepotism-free state machinery.
Owned and operated by the Chinese state, China Resources (Holdings) Co., is the parent of five large Hong Kong-listed companies involved in business as diverse as real estate, energy, and consumer products in China and Hong Kong.Song was a high-profile executive in Hong Kong business circles.
State news agency Xinhua said on Friday, Song was ejected from the party “for corruption and other violations of the party code of conduct”. He was accused of taking advantage of his position to “seek promotions and benefit businesses for others”, while he also solicited and accepted bribes, Xinhua reported citing an announcement from the Communist Party’s powerful anti-corruption body, the Central Commission for Discipline Inspection.
The anti-graft body said Song spent public funds for his benefit and violated rules related to holding concurrent posts and receiving payments. He broke the party’s code of frugality by playing golf using public money. He was also accused of embezzlement and adultery.
The anti-graft body said after approval by the State Council, Song will be sacked from public posts. His illegal gains will be seized.
Top prosecutor, the Supreme People’s Procuratorate announced an investigation of Song’s suspected crime of taking bribes and placed him under “compulsory measures,” Xinhua reported. These include arrest, detention, issuing a warrant to compel a suspect to appear, bail pending trial, or residential surveillance.
At the young age of 41, Song was named chairman and managing director of China Resources Enterprise more than a decade ago in 2004. Before that, he was deputy chairman and managing director. He was also named president of China Resources (Holdings) Co.
Company records show he holds a bachelor’s degree in mechanics from the University of Tongji in Shanghai.
He joined China Resources (Holdings) Co., in 1985 and was chairman of China Resources Development & Investment Co., the investment arm of China Resources (Holdings) Co., responsible for corporate development and investments in Hong Kong and China, according to company records.
The second executive who is facing prosecution, is Wang Shuaiting, former vice chairman of China Travel Service (Holdings) Hong Kong.Wang was also booted from the Communist Party for suspected criminal offences. He took advantage of his post to seek benefits for himself and others regarding promotion and business operations. He solicited and accepted bribes while working at state-owned enterprise China Resources (Holdings) Co., the anti-corruption body announced on Friday.
Wang bribed his way to promotions, illegally occupied official residences and cheated his way to bonuses and reimbursements.
He was also found to have helped his wife get paid for a nominal post. After State Council approval is obtained, Wang will be sacked from public posts. His illegal gains will be seized.
He is also facing prosecution. In the first half this year, China Resources Enterprises reported a loss of HK$4.32 billion compared with a profit of HK$929 million for the first half of 2014. Turnover was HK$94.66 billion, an increase of 13.4 percent on year.