The Shanghai government prosecutor on Monday announced it has approved the arrest of Wang Zongnan, retired Communist Party official and former chairman of state-owned Bright Foods, on suspicion of bribery and embezzlement related to his retail work, The Wall Street Journal reported. At Bright Food Wang won credit for leading the acquisition of foreign brands, most notably in 2012 when the company took over British-owned Weetabix for US$1.9 billion. Mr. Wang’s situation won’t affect Bright Food or its overseas strategy, said a spokesman. Typically, the fall of a state enterprise leader has little impact on business because the jobs are political appointments, analysts say.
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