Maintenance. We are currently updating the site. Please check back shortly
Members login
  • TrustLaw
  • Members Portal
Subscribe Donate

China decor magnate arrested for suspected bribery

Source: Reuters - Wed, 29 Jan 2014 05:16 GMT
Author: Reuters
cor-gov med-dev
A bell bearing the logo of the Shenzhen Stock Exchange is seen during a companies listing ceremony in Shenzhen, Guangdong province in February 2011. REUTERS/Stringer
Tweet Recommend Google + LinkedIn Email Print
Leave us a comment

SHANGHAI, Jan 29 (Reuters) - A billionaire who Chinese media say is linked to the downfall of the former mayor of Nanjing has been arrested on suspicion of corruption, the company he founded, Suzhou Gold Mantis Construction Decoration Co Ltd, said.

The family of Zhu Xingliang, who ranked no.55 on the 2013 Forbes China Rich List with a fortune worth $2.04 billion, informed Gold Mantis of his arrest, the firm said in a statement to the Shenzhen Stock Exchange posted on Tuesday.

"The company received notification from family on Jan. 27 that Director and the person in actual control (of the firm) Mr. Zhu Xingliang was arrested on suspicion of bribery with the approval of the prosecutor," the company filing said.

Shares in the interior decoration firm have dropped about 10 percent since Monday. Zhu is the company's biggest shareholder and the firm said business was operating normally following his arrest.

The arrest comes as China's President Xi Jinping makes the fight against endemic corruption a central theme of his administration. Xi has vowed to pursue both high-flying "tigers", or senior officials, and lower-ranking "flies".

Ji Jianye was removed from his post as Nanjing mayor on Oct. 19, two days after a government announcement that he was under investigation for suspected "disciplinary violations" - a term often used for corruption - and breaking the law.

Ji is among the most senior government officials to be investigated. At the time, the state-backed Beijing News newspaper reported that Zhu's company had received many government contracts in locales where Ji was serving as a senior official before his time in Nanjing.

Zhu had been under house arrest since July 27 and was being investigated for matters related to Ji, the newspaper reported.

Gold Mantis is known for its work on several high-profile projects including the "Bird's Nest" Olympic stadium and the National Grand Theatre in Beijing. (Reporting by John Ruwitch; Editing by Miral Fahmy)

We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of the Thomson Reuters Foundation. For more information see our Acceptable Use Policy.

comments powered by Disqus
Most Popular
TOPICAL CONTENT
Topical content
LATEST SLIDESHOW

Latest slideshow

See allSee all
FEATURED JOBS
Featured jobs