China Resources VP detained in corruption probe

Jiang Wei, a vice-president of state-owned China Resources, has been in detention for at least a month, South China Morning Post reported, citing mainland media and an unnamed source. The investigation is believed to be linked to China Resources’ controversial acquisition of Shanxi coal mining firm Jinye Coal and Coking Group four years ago. Jiang was the chief financial officer of the company from 2001 to 2012. The Shanghai Securities News claimed that Jiang had juggled the finances of China Resources SZITIC Trust to make it appear as if an RMB2 billion debt of Jinye’s had been repaid.