Recently, the former vice president of SAIC Group, Chen Demei, was prosecuted by the First Division of the Shanghai Municipal Procuratorate.
According to the Justice Network of the CCP’s Supreme Procuratorate’s “Procuratorial Daily,” former vice president of Shanghai Automotive Group Co., Ltd., Chen Demei, was charged with bribery and illegal profiteering for relatives and friends. The case was filed by the First Division of the Shanghai Municipal Procuratorate to the Shanghai First Intermediate People’s Court. The case is currently under further investigation and processing.
The prosecution alleged that Chen Demei abused his position to seek benefits for others, accepted money and property, with an unusually large amount involved. He allegedly made purchases for units managed by his relatives and friends at prices significantly higher than market value, causing substantial losses to the state’s interests. Therefore, he should be held criminally responsible for bribery and illegal profiteering for relatives and friends.
Chen Demei was officially removed from his position in April 25 this year; and on August 1, his party membership was revoked and retirement benefits were canceled.
At the time of the report, it was mentioned that Chen Demei “interfered with and meddled in the business operations of subordinate enterprises; accepted sexual services, and had improper family background.”
Public records show that Chen Demei was born in 1962 and started working in August 1984.
Chen Demei worked at SAIC for many years, holding positions such as Manager of Quality and Economic Operation Department of SAIC Group, Deputy Chief Economist of SAIC Group, and General Manager of Shanghai Huizhong Automobile Manufacturing Co., Ltd. and Shanghai Wanzhong Auto Parts Co., Ltd., among others.
In January 2012, Chen Demei became the president of SAIC Group, serving for 11 years.
On April 28, 2023, SAIC Group announced that the board of directors had agreed to Chen Demei’s resignation from the position of vice president due to age reasons. After resigning, Chen Demei no longer held a position in the company.
SAIC Group was listed on the Shanghai Stock Exchange in November 1997, with Shanghai Automotive Industry (Group) Corporation Limited as the controlling shareholder and the State-owned Assets Supervision and Administration Commission (SASAC) of Shanghai Municipality as the actual controller. Currently, the total market value is 152.8 billion yuan.