Hebei steelmaker's chairman leaves under a cloud
Executives of Hebei Iron and Steel, China's largest steel producer, declined to comment on state media's allegations that the resignation of the state-owned firm's chairman, Wang Yifang, might be linked to corruption.
Executives of Hebei Iron and Steel, China's largest steel producer, declined to comment on state media's allegations that the resignation of the state-owned firm's chairman, Wang Yifang, might be linked to corruption.
On Tuesday, Wang submitted his resignation as chairman due to "work changes", the Shenzhen-listed firm announced. He has been replaced as chairman by Yu Yong, the 50-year-old former managing director of Hebei Iron and Steel.
I have heard the rumours, but there is no evidence of wrongdoing
Wang, 55, who was appointed chairman in 2010, resigned before the normal retirement age of Chinese state-owned enterprise executives.
Also on Tuesday, Hebei Iron and Steel received the resignation letter of its deputy managing director Peng Zhaofeng, whose departure was also related to "work changes", the company said. Peng had been nominated as a candidate for director, the firm said.
An article on the website of Communist Party mouthpiece People's Daily dated yesterday said Wang was accused of links to "stolen mine assets".
A Hebei Iron and Steel investor relations spokesman said he had seen the allegations but "did not understand the matter". He reiterated that Wang resigned due to "work changes".