1. New laws or regulationsState level: No developments.Local level (Beijing & Shanghai): No developments.Communist Party Rules: No developments.2. Upcoming laws or regulationsNo developments.3. Government Action(1) It was reported on November 4, 2016 that Zhuang Yao (“Zhuang”), the former Chairman of Guangdong Materials Group Co., Ltd. (“GMGC”), a state-owned enterprise, attended his first trial from November 1 to 3 before the Intermediate People’s Court of Maoming City. Zhuang is accused of bribe-taking, embezzlement, and intentional destruction of accounting records. The ill-gotten gains in question amount to more than RMB 570 million (USD 82.7 million).Zhuang was accused of abusing his position as the General Manager, Deputy Party Secretary, Chairperson, and Party Secretary of GMGC to seek large and improper interests for others from 2002 to 2012. In return, Zhuang accepted bribes amounting to RMB 16.5 million (USD 2.39 million). Zhuang was found guilty, alone or in collusion with others, of illegally embezzling public properties totaling RMB 554 million (USD 80.39 million) from 1999 to 2009. In addition, in violation of law, Zhuang destroyed a real estate company’s accounting books together with others to hide the corruption.The court will render its judgement on another given date.(2) On November 11, 2016, Zhao Liping (“Zhao”),… Read full this story
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