The head of giant Chinese state-owned conglomerate China Resources has been expelled from the Communist Party and stripped of his public office for corruption, its anti-graft watchdog said on Friday. China Resources, which has five listed units in Hong Kong, is a Fortune magazine Global 500 company, ranking 115th last year with total assets topping $150 billion.
Song Lin was placed under investigation in April last year by the Central Commission for Discipline Inspection (CCDI) after a journalist posted graft allegations against him online in 2013. The probe found that Song took bribes, embezzled public funds for personal use and “committed adultery”, the CCDI said in a statement today. The party has decided to expel him and the government has approved his removal from his public posts, it said. “All his illegal gains will be confiscated,” it added.