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Mayor probed over share trading
By Wang Xiang |
June 2, 2010, Wednesday
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Online Edition
Online Edition
THE mayor of South China's Zhongshan City was being investigated for "alleged serious disciplinary offences in economic activities," Party disciplinary authorities confirmed today.
Li Qihong, 56, was one of the only two female mayors in Guangdong Province. She was taken by police on May 30. No more details were revealed of her case. But People's Daily online said she was involved in trading shares of Shenzhen-listed Zhongshan Public Utilities Group Co, which were suspended from trading on Monday.
State-owned Zhongshan Public said that the company's chairman and general manager would be absent for a while without saying why. It would not confirm if they were sacked because of Li's case.
After trading resumed today, its share price plummeted 6 percent.
Zhongshan Public was founded in 1992 as a listed company providing utility management services, energy equipment manufacturing and property leasing. The company owns 15 supermarkets in Zhongshan, according to Caijing.com.
Li's husband, brother, and two sisters were also involved in the case, Global Times reported.
Her families were running property businesses and Li was a firm supporter of soaring house prices, the report said.
Li pressed for Zhongshan government to set up preferential policies for developers because they could help the whole economy boom.
Li Qihong, 56, was one of the only two female mayors in Guangdong Province. She was taken by police on May 30. No more details were revealed of her case. But People's Daily online said she was involved in trading shares of Shenzhen-listed Zhongshan Public Utilities Group Co, which were suspended from trading on Monday.
State-owned Zhongshan Public said that the company's chairman and general manager would be absent for a while without saying why. It would not confirm if they were sacked because of Li's case.
After trading resumed today, its share price plummeted 6 percent.
Zhongshan Public was founded in 1992 as a listed company providing utility management services, energy equipment manufacturing and property leasing. The company owns 15 supermarkets in Zhongshan, according to Caijing.com.
Li's husband, brother, and two sisters were also involved in the case, Global Times reported.
Her families were running property businesses and Li was a firm supporter of soaring house prices, the report said.
Li pressed for Zhongshan government to set up preferential policies for developers because they could help the whole economy boom.
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