China will prosecute the former chairman of state-owned conglomerate China Resources Holding Co Ltd (華潤集團) on suspicion of corruption after accusing him of crimes including embezzlement, the anti-graft watchdog said yesterday.
Song Lin (宋林) was sacked last year after coming under investigation for suspected “serious violation of discipline,” the usual terminology for corruption.
Song took bribes, used public funds for personal expenses like playing golf and is an adulterer, the Chinese Communist Party’s Central Commission for Discipline Inspection said on its Web site in a brief statement.
Photo: Reuters
Party members can be punished for adultery as they are supposed to be upstanding members of society. The charge is frequently leveled at high-ranking graft suspects as a way of showing they are morally degenerate and deserve punishment.
His case has been transferred to the legal authorities, the watchdog said, meaning he is to face prosecution.
A former vice chairman, Wang Shuaiting (王帥廷), is also facing charges after being accused of similar crimes, the watchdog added.
Both men have been expelled from the party, it said.
The state prosecutor said separately that it had approved the detention of both men and had begun to build cases against them.
It was not possible to reach either of them for comment and it is not clear if they have lawyers.
China Resources Holdings is a holding company for a group of energy, land and consumer businesses in China and Hong Kong, including China Resources Gas Group Ltd (華潤燃氣), China Resources Cement Holdings Ltd (華潤水泥控股) and China Resources Power Holdings Co (華潤電力).
China’s top anti-corruption body had been investigating China Resources Holdings and its units for several months as part of a wide-ranging crackdown on graft by Chinese President Xi Jinping (習近平), who has pledged to tackle high-ranking “tigers” as well as lowly “flies.”
Shares of contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) came under pressure yesterday after a report that Apple Inc is looking to shift some orders from the Taiwanese company to Intel Corp. TSMC shares fell NT$55, or 2.4 percent, to close at NT$2,235 on the local main board, Taiwan Stock Exchange data showed. Despite the losses, TSMC is expected to continue to benefit from sound fundamentals, as it maintains a lead over its peers in high-end process development, analysts said. “The selling was a knee-jerk reaction to an Intel-Apple report over the weekend,” Mega International Investment Services Corp (兆豐國際投顧) analyst Alex Huang
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) is expected to remain Apple Inc’s primary chip manufacturing partner despite reports that Apple could shift some orders to Intel Corp, industry experts said yesterday. The comments came after The Wall Street Journal reported on Friday that Apple and Intel had reached a preliminary agreement following more than a year of negotiations for Intel to manufacture some chips for Apple devices. Taiwan Institute of Economic Research (台灣經濟研究院) economist Arisa Liu (劉佩真) said TSMC’s advanced packaging technologies, including integrated fan-out and chip-on-wafer-on-substrate, remain critical to the performance of Apple’s A-series and M-series chips. She said Intel and Samsung
TRANSITION: With the closure, the company would reorganize its Taiwanese unit to a sales and service-focused model, Bridgestone said Bridgestone Corp yesterday announced it would cease manufacturing operations at its tire plant in Hsinchu County’s Hukou Township (湖口), affecting more than 500 workers. Bridgestone Taiwan Co (台灣普利司通) said in a statement that the decision was based on the Tokyo-based tire maker’s adjustments to its global operational strategy and long-term market development considerations. The Taiwanese unit would be reorganized as part of the closure, effective yesterday, and all related production activities would be concluded, the statement said. Under the plan, Bridgestone would continue to deepen its presence in the Taiwanese market, while transitioning to a sales and service-focused business model, it added. The Hsinchu
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) has approved a capital budget of US$31.28 billion for production expansion to meet long-term development needs during the artificial intelligence (AI) boom. The company’s board meeting yesterday approved the capital appropriation plan for purposes such as the installation of advanced technology capacity and fab construction, the world’s largest contract chipmaker said in a statement. At an earnings conference last month, TSMC forecast that its capital expenditure for this year would be at the higher end of the US$52 billion to US$56 billion range it forecast in January in response to robust demand for 5G, AI and
RSS