What’s new: A former deputy general manager of China General Nuclear Power Corp. (CGN) has been placed under investigation amid an intensified crackdown on corruption in state-owned firms and capital-intensive sectors such as energy.
Tan Jiansheng, who retired from the state-owned energy giant in June 2020, is suspected of “serious violations of (Communist Party) discipline and law,” according to a statement published Monday by the Central Commission for Discipline Inspection. The phrase is a common euphemism for corruption.
The statement did not elaborate on his wrongdoing.
The background: Tan has more than four decades of experience in the finance and energy industries. He previously worked for China Construction Bank Corp., one of the nation’s “Big Four” state-owned lenders, in senior positions at its Guangdong province branch.
Tan joined CGN in September 2000 as deputy general manager, a role he held for nearly two decades. He also served as chairman of two of CGN’s subsidiaries engaged in nuclear power and uranium resources businesses.
During his tenure at CGN, the National Audit Office found that the energy group had engaged in misconduct. The auditor said the company had engaged in some financial business from 2014 to 2016 without going through proper procedures, with three projects racking up overdue payments amounting to 256 million yuan ($35 million).
Contact reporter Wang Xintong (xintongwang@caixin.com) and editor Jonathan Breen (jonathanbreen@caixin.com)
