China Resources’ vice-president Jiang Wei latest executive to be implicated in corruption probe

A vice-president of state-owned conglomerate China Resources (Holdings) has been in detention for at least a month as part of a graft investigation, a source and mainland media reports said yesterday.

A source close to the company told the that the investigation into Jiang Wei was linked to China Resources' controversial acquisition of a Shanxi coal mining firm four years ago.

China Resources' board office in Hong Kong confirmed yesterday that Jiang had been detained by the authorities.

"Mr Jiang has been taken away by prosecutors to assist in an investigation," a staff member said, refusing to provide further details.

Jiang is the latest in a string of senior executives of the company and its subsidiaries to be detained in corruption inquiries since former chairman Song Lin was taken away earlier this year.

China Resources (Holdings) is the parent company of five Hong Kong-listed firms. From 2001 to 2012, Jiang was the chief financial officer of the parent company.

He also later became the chairman of China Resources Capital, the group's financial service platform, putting him at the helm of China Resources Capital's five offshoots, including China Resources Bank of Zhuhai, China Resources Investment Enterprise and China Resources SZITIC Trust.