Chairman of China's Bright Food on trial for corruption
(Xinhua) Updated: 2014-12-12 22:07SHANGHAI -- Former chairman of Bright Food (Group) Co., Ltd. stood on trial Friday on charges of embezzlement and accepting bribes.
Wang Zongnan was accused of embezzling 190 million yuan ($31 million) between 2000 and 2006 when he was chairman of Shanghai Lianhua Supermarket Holdings Co., the Shanghai municipal No. 2 intermediate people's court said in a statement.
Wang also held posts of general manager of Shanghai Friendship Group and president of Shanghai Bailian Group between 1999 and 2006 before becoming chairman of Bright Food (Group) Co..
He was also charged with accepting 2.69 million yuan of bribes.
In 2003, Wang's parents bought two villas in Shanghai for 2.1 million yuan, 2.7 million yuan below than the then market price, from a subsidiary of a company their son did a favor for in 2000, said the prosecutor.
The court is to announce the verdict on a later date.
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