What’s new: A former chair of state-owned Dongguan Trust Co. Ltd. has been removed from public office for allegedly taking bribes, the local antigraft authority in the southern Chinese city of Dongguan said in a Monday statement (link in Chinese).
Huang Xiaowen, 48, is accused of taking bribes and abusing her power to seek benefits for others. She is also accused of embezzling company assets. The statement did not specify which company.
The background: Huang served as chair of Dongguan Trust from May 2016 to January this year. In January, she was appointed chair of state-owned Dongguan Rail Transit Corp. Ltd., which operates the Guangdong province city’s metro system.
Huang was placed under investigation in August. At the same time, Zhang Weilun, an adviser to Dongguan Trust, also fell under investigation, sources familiar with the matter told Caixin. Zhang is also chairman of property developer Guangdong Willsun Real Estate Development Group Co. Ltd.
After Huang left Dongguan Trust, the company was found to have more than 10 billion yuan ($1.6 billion) in risk assets, part of which were related to Zhang, the sources said.
Related: Chart of the Day: Corruption at China’s Biggest Policy Bank
Contact reporter Tang Ziyi (ziyitang@caixin.com) and editor Joshua Dummer (joshuadummer@caixin.com)
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