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Chalco exec resigns amid investigation
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A vice president of the Aluminum Corp of China Ltd has resigned amid a probe by authorities, Chalco, as the company is also known, said yesterday, as the government’s crackdown on corruption spreads into more major state-owned enterprises.
Li Dongguang, also chief of the company’s trading unit, is being investigated for “personal reasons,” Chalco said in a statement to the Shanghai Stock Exchange yesterday after the market closed. Its shares fell 0.25 percent yesterday.
China’s largest aluminum producer didn’t specify the nature of the investigation but said the incident won’t impact its operations and business remains normal.
Chinese authorities have launched investigations into major SOEs this year, bringing down officials in industries from petroleum to shipping, as President Xi Jinping deepened an anti-corruption campaign.
PetroChina Co, the country’s largest oil and gas producer, saw several of its top officials, including former Chairman Jiang Jiemin, removed and placed under investigation for “serious discipline violations” since late August. The term “discipline violations” usually refers to corruption in official wording.
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