Free Newsletters - Space News - Defense Alert - Environment Report - Energy Monitor
. Earth Science News .




POLITICAL ECONOMY
China sacks state firm head amid corruption allegations
by Staff Writers
Shanghai (AFP) April 19, 2014


China on Saturday announced the removal of the head of one its major state-owned firms, conglomerate China Resources, for suspected law violations, state media reported using terms which typically refer to corruption.

Chinese President Xi Jinping has pursued a highly-publicised anti-graft drive since taking office, vowing to go after both senior "tigers" and low-level "flies".

The ruling Communist Party sacked Song Lin as chairman and party chief of China Resources, one of just over a hundred key state-owned enterprises administered directly by the central government, the official Xinhua news agency reported.

China Resources (Holdings) Co., a Fortune magazine Global 500 company in 2013, has a range of business interests including the retail, power, property, natural gas and pharmaceutical sectors, according to its website.

Song was suspected of "serious violations of discipline and law," Xinhua said, but gave no details. The terminology suggests the allegations relate to corruption.

The announcement of Song's removal came just two days after the party's corruption watchdog said the executive was under investigation.

A journalist with the Economic Information Daily newspaper, which operates under Xinhua, has accused him of accepting bribes, laundering money and keeping a mistress.

Song denied those claims in a statement a day before the investigation was announced, calling them a fabrication.

The South China Morning Post newspaper on Saturday linked Song to an employee of Swiss financial services firm UBS in Hong Kong, saying the company was now conducting an internal investigation on the issue.

The Hong Kong office of UBS did not respond to a request for comment by AFP on Saturday.

China Resources confirmed the government investigation of Song in a statement on Thursday and said the company would try to maintain normal operations.

The conglomerate has five listed units in Hong Kong. Flagship China Resources Power Holdings closed up 0.48 percent to HK$21 ($2.73) on Friday despite the probe.

.


Related Links
The Economy






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News





POLITICAL ECONOMY
China's economy slows sharply in first quarter
Beijing (AFP) April 16, 2014
China's GDP grew at its weakest pace for 18 months in the March quarter, data showed Wednesday, testing Beijing's resolve as its campaign to transform the world's number-two economy comes at the cost of a sharp slowdown. Analysts said that while China's leaders will not likely react to the news with any significant measures to boost the economy for now, they suggested that further weakening ... read more


POLITICAL ECONOMY
Solomons flood victims 'terrified' after quakes

Survey finds majority of Malaysians distrust govt on MH370

Italian navy says nearly 900 migrants rescued

New towns going up in developing nations pose major risk to the poor

POLITICAL ECONOMY
New Self-healing Plastics Developed

Deep sea rocks may be future source for rare earth metals

New technique takes cues from astronomy and ophthalmology to sharpen microscope images

Cork trees offer greener source of polyester

POLITICAL ECONOMY
Mini-sub deploys to scour ocean depths in MH370 hunt

Sunken logs create new worlds for seafloor animals

Coral reefs of the Mozambique Channel a leading candidate for saving marine diversity

Longer catch-and-release time leaves largemouth bass nests more vulnerable to predators

POLITICAL ECONOMY
La Brea Tar Pit fossil research shows climate change drove evolution of Ice Age predators

Rare leafcutter bee fossils reveal Ice Age environment at the La Brea Tar Pits

Permafrost thawing could accelerate global warming

Finnish research improves the reliability of ice friction assessment

POLITICAL ECONOMY
Climate: Farming emissions to rise 30% by 2050

Unity is strength in the marketing of smallholder farm produce

Chinese man covered with 460,000 bees for honey stunt

Chinese pork firm $5.3 bn IPO set to be the biggest in a year

POLITICAL ECONOMY
Magnitude 7.5 quake strikes off Solomon Islands: USGS

Cyclone warning lifted on Australia's Barrier Reef coast

Increase in activity at DRC's Nyamulagira volcano

Death toll rises to 23 in Solomons floods

POLITICAL ECONOMY
US Marines headed to Chad park to fight poaching

Top Nigerian Islamic body accuses military over Muslim deaths

DR Congo rebel crackdown should not endanger hostages: charity

French forces move east in new phase of C. Africa operation

POLITICAL ECONOMY
New method confirms humans and Neandertals interbred

Indigenous societies' 'first contact' typically brings collapse, but rebounds are possible

Technofossils are an unprecedented legacy left behind by humans

Scientists build 'designer' chromosome




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement All images and articles appearing on Space Media Network have been edited or digitally altered in some way. Any requests to remove copyright material will be acted upon in a timely and appropriate manner. Any attempt to extort money from Space Media Network will be ignored and reported to Australian Law Enforcement Agencies as a potential case of financial fraud involving the use of a telephonic carriage device or postal service.