China: Wanda sacks executive embroiled in bribery case that may have shaped Chinese conglomerate’s destiny

Author(s): Zheng Yangpeng | Date: September 29, 2016 | Language: English
Source: http://www.scmp.com/ | URL: https://goo.gl/aEO2xi | Type: Text

Chinese conglomerate Dalian Wanda has sacked an executive who eight years ago bribed a local official for his help to push through a deal that helped transform the company into a private-held, joint-stock operation free of government ownership.
Leng Chuanjin, then general manager of Wanda Commercial Properties in Dalian and now chief engineer of Dalian Wanda Commercial Property, was mainly responsible for the act of bribery, which the company was unaware about until media reported about the case recently, according to Wanda Group.
As punishment, the company had decided to terminate Leng’s employment, the group said on its website on Thursday.
The details of the bribe surfaced in the trial earlier this year of Jin Cheng, the former Communist Party chief of Xigang district in Dalian, Wanda’s home base.

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