Apr 21, 2023 05:51 AM

FINANCE

Former Shanghai Electric Chief Tried for Taking $22.6 Million in Bribes

Zheng Jianhua (middle) stands trial Wednesday in Shanghai

Zheng Jianhua (middle) stands trial Wednesday in Shanghai

What’s new: Zheng Jianhua, former chairman of state-owned electric equipment manufacturer Shanghai Electric Group Co. Ltd. (601727.SH), stood trial Wednesday in Shanghai on charges of embezzlement, abuse of power and taking 156 million yuan ($22.6 million) in bribes.

Zheng, 63, used his positions as senior executive in Shanghai Electric between 2003 and 2021 to take bribes in exchange for business favors to others, prosecutors said. He also partnered with associates to embezzle hundreds of millions yuan of funds from the company.

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