May 26, 2018 / 4:13 AM / a month ago

China probes former Bright Food chairman for suspected graft

SHANGHAI (Reuters) - China is investigating the former chairman of state-owned conglomerate Bright Food Group Co Ltd [SHMNGA.UL] for suspected graft, the ruling Communist Party’s anti-corruption watchdog has said.

The Central Commission for Discipline Inspection (CCDI) said late on Friday it was investigating Lu Yongjie, Bright’s chairman until the end of 2015, for suspected “serious discipline violation”, a common euphemism for corruption.

The probe makes Lu the latest in a string of high-profile Chinese executives who have come under fire as the country looks to rein in risks in the financial and corporate sector over concerns of risky behavior and high leverage.

The CCDI gave no further details. Reuters could not immediately reach Bright or Lu for comment.

Bright, the parent of listed Bright Dairy and Food Co Ltd, was an active global dealmaker under Lu, with deals for British cereal maker Weetabix, Australian dairy Mundella Foods and Israeli food group Tnuva among others.

The firm has been quieter over the past couple of years, and sold Weetabix last year to U.S. firm Post Holdings.

Reporting by Adam Jourdan; Editing by Paul Tait

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