Well-Known Shanghai Businessman 'Faces Embezzlement Probe'

(Beijing) -- A well-known businessman in Shanghai who has headed a number major state companies in the city is facing an investigation for embezzlement and bribery, prosecutors said on July 28.

Wang Songnan, 59, was the Communist Party chief and chairman of state-backed food giant Bright Food (Group) Co. Bright Food said in a statement in November that Wang resigned from his posts for health reasons.