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Baosteel executive flouts frugality
宝钢原副总经理赵昆顶风违反八项规定被撤职

Source: Xinhua | September 10, 2015, Thursday | Print Edition

BAOSTEEL Group’s Vice General Manager Zhao Kun has been dismissed for breaking the Party’s frugality rules.

Zhao was found to have spent company money on expensive accommodation, dinners and personal entertainment, the Party’s Central Commission for Discipline Inspection said in a press release yesterday.

He was also dismissed from his post as president of Guangdong Shaoguan Steel Co Ltd, a Baosteel subsidiary in south China’s Guangdong Province.

Baosteel Group is based in Shanghai.

According to the CCDI, Zhao booked villas at the company’s expense when attending meetings in August and December 2013. During these meetings, he drank expensive imported alcohol, smoked cigars and allowed his subordinates to go sightseeing, also at the company’s expense, it said.

In June 2013 and March 2014, Zhao spent about 49,200 yuan (US$7,717) of company money on receptions. He visited a private club in Guangzhou in May and September 2014 and played golf, at the expense of Shaoguan Steel shareholders, in May 2013 and April 2014.

He was also found to have accepted cigars from subordinates on six occasions since 2013. A pack was said to be worth between 260 and 900 yuan.

His dismissal has been approved by the State-owned Assets Supervision and Administration Commission.

Baosteel is a state-owned enterprise with more than 130,000 employees. It had revenue of 303 billion yuan in 2013. It is the world’s third-largest iron and steel firm in terms of revenue and one of the 2015 Fortune Global 500.

State-owned firms are no exception to the strict implementation of Party rules, the CCDI statement said.

Zhao had ignored the Party leadership’s repeated warnings and did not stop his wrongdoing even after the issue of frugality rules. As a senior executive of a state-owned enterprise, Zhao is expected to show self-discipline, but neglected this responsibility with a detrimental effect on his staff, the CCDI said.

The CCDI specifically asked Party organs at state-owned firms to step up management and supervision of senior executives and apply Party rules strictly. “Even now, some executives of state-owned firms continue to ignore the central leadership’s orders,” it said, underlining the imperative that senior executives must set an example in following the rules.

Frugality rules are a priority of discipline inspection and the more recent the wrongdoing, the harsher the punishment will be, the statement said.

The CCDI said it wanted to send a strong signal to state-owned firms through severe punishment of violators to ensure complete implementation of frugality rules.

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