China Resources (Holdings)
China Resources (Holdings) is a state-owned conglomerate registered in Hong Kong. The company is the parent of China Resources Enterprise, China Resources Power and China Resources Land, which are listed as Hang Seng Index constituent stocks and known as the Three Blue Chips of China Resources.
Wang Shuaiting latest head to roll in China Resources graft investigation
Wang Shuaiting under investigation for violating law and party discipline
Wang Shuaiting, the chairman of the listed subsidiary of China Travel Service (Holdings) Hong Kong, is being investigated on suspicion of seriously violating law and party discipline "during his tenure with China Resources", the Communist Party's anti-graft agency said last night.
Wang is believed to be the third former China Resources executive detained after former chairman Song Lin was placed under graft investigation in April by the authorities.
Prior to joining CTS in 2011, the 59-year-old was a vice-chairman of China Resources and built his career in the company's electricity arm. He served as the head of China Resources Power Holdings after taking charge of the construction and operation of the company's Xuzhou Power Plant in Jiangsu province, one of China's largest coal-fired power plants.
The South China Morning Post reported last month that China Resources Capital Holdings chief executive Wu Ding was taken away hours after Song's detention. Wang Hongkun, the executive director of China Resources Land, was also detained.
A senior China Resources Power executive said he was surprised by news of Wang Shuaiting's detention, saying he was a talented manager who reached the top through hard work.
An analyst who covers CRP said Wang Shuaiting was heavily involved in initiating CRP's ill-fated expansion into coal mining in 2007, when it bought into the Wujianfang mining project in Inner Mongolia. CRP had told analysts it was a promising asset, but two years later, in 2009, they were told the heating value of the coal was only 60 per cent of what had been claimed.
Meanwhile, Bo Qiliang, overseas operations chief of state-run oil conglomerate PetroChina, is also under investigation, Caixin and Reuters reported, citing company sources.
The company said in a statement yesterday that Bo had been removed from his position on April 26 "due to a job reshuffle". Bo had served as head of the company's Kazakhstan projects.
A handful of executives of PetroChina have been investigated over the past year. The list includes Li Hualin, a vice-president of the Hong-Kong-listed company, and Jiang Jiemin, a former chairman of the company's parent, China National Petroleum Corporation (CNPC).
CNPC is widely considered a power base of retired security tsar Zhou Yongkang, who is also under investigation.