From Shanghai Daily:
New Huangpu Real Estate Co (‰∏äʵ∑Êñ∞ȪÑÂüîÁΩƉ∏öËÇ°‰ªΩÊúâÈôêÂÖ¨Âè∏) said its Chairman Wang Zheng (ÁéãÊîø) has resigned, following a report in China’s state-run media of his detention as part of a pension fund probe. His predecessor quit in April, state media reported today. The resignation won’t affect the company’s operations, New Huangpu said in a statement to the Shanghai Stock Exchange today.
Wang, 44, was detained on November 2 as part of the investigation into Shanghai’s pension fund, Caijing Magazine said yesterday. Investigators from the central government are probing the misuse of at least 3.2 billion yuan (US$405 million) from the city’s pension fund.
New Huangpu’s previous chairman, Wu Minglie (Âê¥ÊòéÁÉà), stepped down in April, the company announced on September 17, following a report that he was under a corruption probe. Wu was suspected of “a severe breach of discipline and economic wrongdoing” committed when control of a unit was transferred, the Shanghai Securities News reported on September 6. [Full Text]
– See also The Aftershocks of the Shanghai Political Earthquake (part 2) and CDT’s pension fund scandal
