Former Shanghai Electric Chairman Expelled From Party Over Bribery Allegations

What’s new: Zheng Jianhua, former chairman of state-owned electric equipment manufacturer Shanghai Electric Group Co. Ltd. (601727.SH), has been removed from public positions and expelled from the Communist Party due to alleged bribery and other misconduct, according to a Friday statement from state anti-graft agency.

The Central Commission for Discipline Inspection accused Zheng of abusing his power and causing “tremendous loss” to state-owned assets, as well as accepting bribes and embezzling public funds. He will later stand trial, the statement said.