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UPDATE 1-China aluminium executive resigns after corruption probe
September 16, 2014 / 5:31 AM / 3 years ago

UPDATE 1-China aluminium executive resigns after corruption probe

(Recasts with Sun’s resignation, adds context, Chalco statement)

HONG KONG/BEIJING, Sept 16 (Reuters) - A senior executive at the state-owned Aluminium Corp of China Ltd (Chalco) has resigned, the company said on Tuesday, a day after the government’s top anti-graft agency said he was being investigated for suspected corruption.

Chalco Vice Chairman Sun Zhaoxue is also general manager at the company’s unlisted parent, the Aluminum Corp of China (Chinalco)

On Monday, the Central Commission for Discipline Inspection said Sun was suspected of “serious violations” of the law, a euphemism for corruption.

In a filing to the Shanghai stock exchange, Chalco said Sun had resigned.

Shares in Chalco rose more than 6 percent in Shanghai after the announcement.

Chalco last month announced a first-half net loss of 4.12 billion yuan as overcapacity continued to hurt producers and domestic demand growth slowed.

Sun is the Chalco second executive to resign in the past ten months. Li Dongguang resigned as a vice president in November 2013.

Sun is the former president of China National Gold Group Corp, the country’s biggest gold producer. He left the gold producer in January 2014, according to government data. Before joining China National Gold, Sun was a senior executive at Chinalco’s aluminium and alumina operations in Shanxi province. (Reporting by Polly Yam and Matthew Miller; Additional reporting by Donny Kwok and Grace Li; Editing by Miral Fahmy)

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