State assets watchdog to punish rule-violating state company leaders

A senior official with the State-owned Assets Supervision and Administration Commission (SASAC) said Tuesday that the SASAC will punish leading officials in state companies who have violated rules set by the central authorities.

Huang Danhua, secretary of the SASAC discipline inspection commission, said at a meeting that those who accepted money, securities or other monetary gifts would be removed from their posts and be punished in line with the rules.

Those who bought or asked for promotion in bureaucratic hierarchy would be deprived of their posts and those who offered to sell a promotion would also be investigated responsibility accordingly, Huang said.

State company leaders who turned blind eye to or approved illegal profit gains by their spouses or children would be asked to resign, she said.

Those who took money or other valuable gifts on excuse of weddings, funerals or other private gatherings would also be punished, Huang said.

Leading officials of state companies who engaged themselves in gambling would be removed from their posts, said Huang, adding that those who visited overseas casinos for gambling would be punished more severely.

Together with other departments, the SASAC issued regulations on rectifying leading officials in state companies. The leading officials were urged to honestly manage their companies.

Mandated by the State Council, the SASAC directly controls 181 big state companies which have a great bearing on China's national economy and state security.