The national string of investigations against executives at major Chinese firms appears to be going local, with word that a man associated with some of Shanghai’s biggest companies is being probed for corruption. In this case the person under investigation is Wang Zongnan, whose name is tied to such Shanghai giants as the Lianhua (HKEx: 980) supermarket chain, as well as food products giant Bright Food. This latest case has several major potential implications, showing local investigators may be joining Beijing’s anti-corruption campaign that began a year ago. At the same time, the investigation could also ultimately cast doubt on several major recent cross-border acquisitions by Bright Food. Read Full Post…
