Shanghai Electric claimed ignorance Monday as to why three of its former executives have been detained by the Communist Party, the Financial Times reported. "We do not know why they have been investigated," newly-appointed company chairman Xu Jianguo said. "But I can responsibly tell you that their investigations are not related to the company." The company admitted last week that former chairman Wang Chengming was under investigation for "serious violations" of unspecified party rules in his "personal capacity". Two other directors, Han Guozhang and Zhang Rongkun, were said to have been arrested a week before. All three resigned after being detained. The focus of the investigation is thought to be the Shanghai-Hangzhou expressway, which is controlled by Zhang's company Fuxi Investments. A Shanghai government official has already been dismissed for alleged misuse of city pension funds, including allowing it to be used to fund the purchase of the expressway.
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