Jan. 16 (Bloomberg) -- The party secretary of state-owned conglomerate China Poly Group Corp. has been removed from his post, the body that manages public companies said.
Chen Hongsheng was relieved of his position as Communist Party chief at the company, the State-owned Assets Supervision and Administration Commission said on its website yesterday without giving a reason. He was replaced by current chairman Xu Niansha, it said.
China Poly was set up in 1992 with the approval of the State Council and the Central Military Commission. The company is involved in real estate, the arts and minerals, and had total assets of 382.9 billion yuan ($63.3 billion) at the end of 2012, according to its website.
In February last year the U.S. announced sanctions on a Poly defense unit, Poly Technologies Inc., as part of the Iran, North Korea and Syria Nonproliferation Act. China Poly objected to the sanctions, saying it had never helped any countries or regions develop banned weapons, the official Xinhua News Agency reported at the time.
Xu is the son-in-law of Liu Huaqing, a former vice chairman of the Central Military Commission and a military commander who was in charge of the Navy, China Newsweek magazine reported in May, in a report carried on the Xinhua website. Liu died in 2011.
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