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Zhengzhou Coal says chairman steps down following investigation
December 23, 2013 / 10:17 AM / 4 years ago

Zhengzhou Coal says chairman steps down following investigation

BEIJING, Dec 23 (Reuters) - The chairman of Zhengzhou Coal Industry & Electric Power, a state-controlled coal producer based in central China, has stepped down after an investigation by local anti-corruption authorities, the company said on Monday.

In a notice submitted to the Shanghai Stock Exchange, Zhengzhou Coal said Meng Zhongze had resigned after he was detained and put under investigation by the disciplinary commission of Henan province. It did not provide any further details.

The company, also one of China’s biggest manufacturers of mining equipment, could not be immediately reached for comment.

China’s anti-corruption authorities have launched a series of probes into the country’s mostly state-owned energy sector, and a number of senior heads have already rolled.

Liu Tienan, the former head of China’s National Energy Administration, was sacked in May and is now facing prosecution for taking bribes, according to the official Xinhua news agency.

China is also investigating five former senior executives of the country’s biggest oil firm, the China National Petroleum Corporation (CNPC), for “serious discipline violations”, government shorthand mostly used to describe graft.

CNPC’s former head, Jiang Jiemin, who left the company in March to take over as head of China’s state-owned assets watchdog, was accused of similar violations in September.

The China Commission of Discipline and Inspection, China’s top anti-corruption body, said in October that it was also investigating the former chairman of the Shaanxi Yulin Energy Group, a coal producer based in northwest China.

Shares of Zhengzhou Coal did not trade on Monday after the company asked for a trading halt, and will resume trading on Tuesday. (Reporting by David Stanway; Editing by Muralikumar Anantharaman)

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