Executive at Bankrupt State-Owned Steel Giant Under Investigation

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By Zhao Runhua / May 29, 2019 05:45 PM / Politics & Law

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.

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