China will prosecute the former chairman of state-owned conglomerate Bright Food Group for corruption after a probe found he had accepted bribes and abused his power. Lu Yongjie, Bright’s chairman until the end of 2015, was put under investigation in May. The Central Commission for Discipline Inspection said in a statement that Lu had been expelled from the party and handed over to legal authorities after a probe found serious discipline violations. The probe found Lu had accepted bribes and abused his power, the commission said, adding that he had also appropriated public funds and acted against the investigation. Lu is among a series of high-profile Chinese executives who have been put under investigation as Beijing looks to rein in risky corporate behaviour and high leverage. 

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Reuters