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June 18, 2019

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Retired state-owned firm boss 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 yesterday.

The No. 1 Branch of the Shanghai People’s Procuratorate said yesterday 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, rigged witnesses and destroyed accounting books when being investigated.

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 canceled with the money earned seized.

He faces charges for graft, 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 firm, have also been detained and face the same charges.


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