A Deputy General Manager at Wuhan Iron and Steel Co. has been detained on suspicion of accepting bribes, according to an announcement made by the listed firm to the Shanghai stock exchange yesterday evening.
The executive, Sun Wendong, has worked for the company since 1997 and served as an assistant to the General Manager of Wuhan's Iron and Steel's parent company.
China's state-owned enterprises have been one focus of the country's ongoing anti-corruption drive, with around 40 high-level executives from more than 20 state-owned enterprises being investigated, detained or prosecuted this year.
The steel industry has been one of the areas targeted with close to ten steel executives investigated since last year, according to a report in today's Beijing News.
Cui Jian, the vice president of Baosteel Group, the parent of the listed Baoshan Iron & Steel, is currently being investigated for 'serious disciplinary violations', according to an announcement from Shanghai's anti-corruption authorities at the end of March.
In July last year several high-level executives and former executives from Anhui's Magang Group and its listed arm were taken away for investigation. Beijing News reports that sources said that the employees were being investigated in relation to corruption.
Liang Jingli, former president of the state-owned Guangxi Liuzhou Iron and Steel Group, was also expelled from the party and removed from his position after being investigated for corruption in January 2014.
Liang is still awaiting trial on charges of accepting bribes and corruption.
Source: Business Spectator