57 Officials Involved in Corruption at Kunming Iron & Steel
Global Times reported that a corruption scandal involving 57 officials and employees of Southwest China's Yunnan Province’s Anning based state owned
Global Times reported that a corruption scandal involving 57 officials and employees of Southwest China's Yunnan Province’s Anning based state owned steel company Kunming Iron & Steel Holding is ongoing, with almost all of the management team of the company involved. Provincial anti graft body confirmed that while a deputy manager Mr Dong Ruizhang voluntarily surrendered himself to the legal authorities, a total of 25 other executives voluntarily disclosed their violations of law after the discipline inspection organ at the steel plant has decided to exempt them from criminal investigation. Presently, at least 57 people have been found to be involved, reflecting that there is still a long way to go to uncover corruption scandals at SOEs while sending a strong signal that anti-graft bodies are determined to root out all illicit acts.
On April 14, the provincial anti-graft body investigated 19 individuals from the company over violations of Party disciplines and national laws, while 12 other people were detained on suspicion of taking bribes. Those under investigation include the steel firm's chairman, deputy general managers, top executives and employees from its wholly owned subsidiaries, holding companies and joint-stock firms.
Founded in 2003, Kunming Iron & Steel Holding Co's total assets are worth around 64.7 billion yuan as of the end of September 2020, with debts worth 46.1 billion yuan. The group has an annual steel production capacity of 10 million tonnes. China's largest steelmaker Baowu Steel Group Corp signed an agreement with the State-owned Assets Supervision and Administration Commission of Yunnan Province, on February 1, to acquire a 90% stake in Kunming Iron & Steel Holding Co, with the transfer to be completed within six months.