Retired state-owned company chief detained
She Baoqing, former vice president of INESA Group Co, is being investigated for “serious discipline problems and crimes,” the CPC Shanghai Commission for Discipline Inspection said on Monday.
The No. 1 Branch of the Shanghai People's Procuratorate said on Monday that She has been detained.
He allegedly illegally cashed in on privatization of state-owned companies, embezzling a huge amount of national and collective assets. He also misappropriated a great amount of public finances by hiding assets and taking public money as his own.
She also invested in companies against the rules and purchased valuable assets for himself at low prices, according to the commission, which said that it has removed She from the Party for serious violations of the rules. His retirement benefits will be cancelled with the money earned seized.
He faces charges for corruption, embezzlement and destroying accounting records.
She, 72, was the vice president of INESA Group as well as the president of Shanghai Jinling Co from March 2000 to November 2011.
Apart from She, Xu Wuwei, former general manager of Jinling Co, and Ge Gengqi, former general accountant of the same company, have also been detained and are facing the same charges, according to the procuratorate.