Yan Zesheng. (reference photo)
Yan Zesheng, deputy party secretary and general manager of the bankrupt state-owned Bohai Steel Group, is under investigation for “serious violations of rules and the law” — a euphemism for corruption, according to a Tianjin watchdog.
Details of the investigation are not available.
Yan, 57, started to work for state-owned steel enterprises after he graduated in 1982 from an engineering college in China’s rust belt. He was assigned his current official posts in 2011.
Bohai Steel, once a Fortune 500 company, is weighed down by at least $36 billion in debt due to years of overexpansion and poor management.