Investigation into ex-Bright chairman
Print Edition
THE former chairman of state-owned Bright Food Group Co, Wang Zongnan, is under investigation for alleged corruption, Shanghai’s prosecutors said yesterday.
Wang is suspected of embezzlement and bribery during his tenure at Shanghai Friendship (Group) Co, operator of a chain of department stores in China, and Lianhua Supermarket Holdings Co, according to a statement on the website of the Shanghai Municipal People’s Prosecution Service. No further details were given.
Wang, 59, became chairman of Shanghai Friendship in 2003. He had served as chairman of Lianhua Supermarket since 1995. Prior to that, he was deputy director of Shanghai’s Huangpu District.
In 2006, Wang joined Bright Food as chairman. He resigned last November for health reasons.
FTZ post, a news feed run by the Oriental Morning Post, cited unnamed sources as saying the investigation may be related to the case of Dao Shurong, human resources management chief at Lianhua.
Dao was put under investigation last December by Shanghai’s State-Owned Assets Supervision and Administration Commission for undisclosed reasons.
An earlier report by China Business News indicated that some executives at Lianhua may have involved in an “irregular” management buyout.
Lianhua experienced rapid growth during Wang’s tenure, becoming China’s largest chain retailer with more than 5,000 stores in over 100 cities.
Wang also led the overseas expansion of Bright Food, a dairy and consumer-products group owned by the Shanghai government.
During his time there, the company acquired a number of foreign food enterprises, including British breakfast cereal manufacturer Weetabix and New Zealand-based dairy producer Synlait. Wang has received a number of awards including Outstanding Entrepreneur of Shanghai and Entrepreneur of China.
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