Chalco Says Vice President Li Dongguang Quits Amid ProbeMichelle Yun
Aluminum Corp. of China Ltd., the nation’s biggest producer of the metal, said Vice President Li Dongguang has resigned amid an investigation.
Li is being probed by “relevant authorities for personal reasons,” the Beijing-based company, also known as Chalco, said yesterday in statements to the Hong Kong and Shanghai stock exchanges. The investigation is not related to the company and won’t affect its operations, Chalco said.
The probe comes as China’s new leaders, under President Xi Jinping, are cracking down on corruption. China Cosco Holdings Co., the nation’s largest shipping company, said Nov. 8 that Executive Director Xu Minjie resigned after announcing he was under investigation.
Li, who was president of Chalco’s international trading unit, couldn’t be reached on his mobile phone today. Yuan Li, a Beijing-based spokesman for Chalco’s parent, Aluminum Corp. of China, said today by phone he didn’t have any further information.
Chalco shares declined 0.5 percent to 3.95 yuan in Shanghai at the close. They have dropped 23 percent this year. The Hong Kong-listed shares gained 0.4 percent to HK$2.84.
Li, 52, was appointed vice president at Chalco in May, when the company said he also served as the general manager of Chinalco Metals Trading Co. and of China Aluminum Supply and Marketing of Materials Co.
PetroChina Co., the publicly traded unit of state-owned China National Petroleum Corp., said in August that four senior managers had been removed from their posts after allegations of corruption. The value of the company’s shares has declined 13 percent in Hong Kong trading this year.