A former party secretary and chairman of the board of directors of the large state-owned enterprise COFCO Engineering & Technology Co., Ltd., Yao Zhuan, has been placed under investigation. Reports indicate that he had disclosed work secrets by probing matters such as audits and inspections that had not been made public.
On September 28, according to an official announcement by the Chinese Communist Party, the Supervisory Commission of Wuxi City, Jiangsu Province, initiated an investigation into serious violations of discipline and law by Yao Zhuan, the former party secretary and chairman of COFCO Engineering & Technology Co., Ltd.
Yao Zhuan has been accused of colluding with others to resist the investigation, participating in extravagant banquets and accepting entertainment arranged by suppliers using public funds, misusing official vehicles for personal use, engaging in unauthorized profitable activities, concealing property ownership, probing undisclosed matters related to audits and inspections, leaking work secrets, abusing his power to benefit others in project bidding, equity acquisition, and job adjustments, and accepting a large amount of bribes.
According to the report, Yao Zhuan held leadership positions in state-owned enterprises and served as the top executive for a long time. He has been expelled from the Chinese Communist Party, and his benefits have been adjusted.
COFCO Engineering & Technology Co., Ltd. is a subsidiary of COFCO Group, one of the Fortune Global 500 companies. It integrates the technical resources of five domestic grain and oil research and design institutes and is a leading comprehensive technology service provider in the Chinese agriculture, food, and cold chain logistics industries. In September 2021, the company was listed on the Shenzhen Stock Exchange.
COFCO Group is China’s largest grain and oil food enterprise and is also a central state-owned enterprise directly under the management of the State-owned Assets Supervision and Administration Commission of the State Council.