In Friday's Papers: Graft Inquiry of SOE Chairman Follows Media Reports, Weibo Corp. Shares Surge 19 Pct in U.S. Debut

Graft Inquiry of SOE Chairman Follows Media Reports

Song Lin, the chairman of state-owned conglomerate China Resources Holdings Co. Ltd., is being investigated for graft, the Communist Party's top graft-fighting agency said on April 17. The announcement came the day after Song denied journalist Wang Wenzhi's accusations of corruption and keeping a mistress. Wang reported that Song had his mistress, Yang Lijuan, who works at investment bank UBS in Hong Kong, launder large amounts of money he got through graft. Song was suspected of "serious violations of discipline and law," the Central Commission for Discipline Inspection said on its website. Yang faces an internal probe at UBS. The company has declined to comment.