China: Former China Resources vice-chairman pleads guilty to graft charges

Author(s): Shi Jiangtao | Date: November 23, 2016 | Language: English
Source: http://www.scmp.com/ | URL: https://goo.gl/gQ6aXo | Type: Text

Wang Shuaiting, the former chairman of a listed subsidiary of China Travel Service (Holdings) Hong Kong (CTS), stood trial on graft charges in Shenzhen on Wednesday.
Wang, 61, pleaded guilty to charges of accepting bribes worth more than 40 million yuan (HK$46 million) and embezzling another seven million yuan during his tenure with state-owned China Resources, according to Xinhua.
Citing the prosecutors, Xinhua said: “Wang took advantage of his high-profile management positions at China Resources to give certain organisations and individuals a hand up in investment, personnel appointment and promotion.”

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