More Shanghai officials could be implicated, say analysts Authorities have detained two more officials of state-owned Shanghai Electric Group for involvement in a growing scandal over mismanagement of the city's pension fund. Two officials from an asset management company under the group, deputy chairman Xu Wei and the deputy head of the company's investment management department, Cheng Yanmin , were being questioned, the China Securities Journal said yesterday. Shanghai Electric could not be reached for comment. Three directors of Shanghai Electric, the city's seventh-biggest company by revenue last year, have already been placed under investigation. They are chairman Wang Chengming , executive director Han Guozhang and non-executive director Zhang Rongkun . The telecommunications equipment maker, considered one of Shanghai's 'backbone' companies, is believed to have received money from the city's pension fund. Local governments manage pension funds with little oversight from the central government. Mr Zhang, ranked China's 16th richest person by Forbes magazine, is also head of Fuxi Investment, which used a loan from the fund to invest in a highway project. The Chinese People's Political Consultative Conference stripped him of his post as a delegate on Monday. Another fund manager - Han Fanghe , general manager of Huaan Fund Management - has been detained for involvement in the case, his company confirmed yesterday. The firm said he was detained over 'personal' matters and that it would have no impact on the company. Mr Zhang and Shanghai Electric both have a stake in the fund management company, the 21st Century Business Herald reported. The scandal has resulted in the sacking of Shanghai's top leader, party secretary Chen Liangyu , and the detention of several other Shanghai officials. They include labour chief Zhu Junyi , Baoshan district head Qin Yu and Sun Luyi , a deputy secretary-general of Shanghai's Municipal Party Committee. Political analysts said more officials could be implicated in what was seen as a move by President Hu Jintao to assert power over Shanghai. Mr Chen was a member of the so-called 'Shanghai Gang', led by former President Jiang Zemin , which has great influence in the current administration. Hong Kong's Wen Wei Po newspaper said yesterday that at least nine high-level officials from the finance industry had been asked to 'assist' in the investigation but did not name the institutions. Finance industry sources say they include at least one official from one of the mainland's 'big four' banks. Following the removal of Mr Chen late last month, Mayor Han Zheng was named Shanghai's acting party secretary, but it remains to be seen if he will win the post on a permanent basis. Some political analysts expect Mr Hu to place an official from outside Shanghai in the job.