From SCMP:
A senior executive at one of China’s largest steel companies is being investigated on suspicion of corruption, as the Communist Party’s anti-graft watchdog shifts its focus to major state-owned enterprises.
Cui Jian, 55, vice-president of the Shanghai-based Baosteel Group, was suspected of “serious disciplinary violations”, a euphemism for corruption, Shanghai disciplinary authorities said in a brief statement that did not give further details.
Inspectors from the Central Commission for Discipline Inspection visited Baosteel early last month.
Chief graft-buster Wang Qishan announced early this year that the first round of inspections for 2015 would focus on 26 top state-owned enterprises (SOEs), including key players in oil and energy, electricity, telecoms, transport, materials and minerals, and construction.
Not good. The links between mining, steel and realty are complex and very dodgy with all sorts vendor financing weirdness and profit shifting. This can only accelerate the steel restructuring.
