Former China Resources Executive Faces Probe for Violations
China’s anti-corruption agency is investigating the chairman of China Travel International Investment Hong Kong Ltd. (308) for violations during his tenure at a unit of state-owned enterprise China Resources Holdings Co.
Wang Shuaiting, 58, is being probed “for serious law and discipline violations,” for which former chairman Song Lin was placed under a graft investigation in April, the Chinese Communist Party’s Central Commission for Discipline Inspection said in a statement on its website yesterday.
China Resources Holdings controls China Resources Power Holdings Co. (836), which was accused last year of overpaying for three coal mines in Shanxi province in 2010. Prior to joining China Travel, Wang was the chairman of China Resources Power until he was replaced by Song in April 2011. He served as the general manager of China Resources (Xuzhou) Electric Power Co. from 1994 to 2001, according to a 2008 annual report of China Resources Power.
“Mr. Wang is highly renowned in the electricity industry in the People’s Republic of China and possesses extensive management experience in a large enterprise group,” China Travel International wrote in its 2013 annual report published April 17 on the Hong Kong stock exchange’s website. Wang holds an executive master’s degree in business administration from China Europe International Business School, the company said.
Wang is probably the third former China Resources executive being investigated after Song’s probe began, the South China Morning Post reported today. The Hong Kong-based newspaper reported last month that China Resources Capital Holdings Chief Executive Wu Ding was taken away hours after Song’s detention. Wang Hongkun, the executive director of China Resources Land Ltd. was also detained.
Wang Shuaiting is also the vice chairman and general manager of China Travel Service (Holdings) Hong Kong Ltd. and China National Travel Service (HK) Group Corp., the controlling shareholders of the Hong Kong-listed travel agent, according to China Travel International annual report.
Shares of China Travel International fell 0.6 percent to HK$1.60 (20 U.S. cents) at close on May 16, extending their losses this year to 1.8 percent, compared with a 2.6 percent decline for Hong Kong’s Hang Seng Index. China Resources Power declined 0.9 percent to HK$19.38 yesterday.
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