Former chairman of China’s Bright Food (Group) Co. Ltd. was sentenced to 18 years in prison Tuesday [11 August 2015] for embezzlement and accepting bribes. Wang Zongnan was found guilty of embezzling 195 million yuan (31 million U.S. dollars) between 2000 and 2006 when he was chairman of Shanghai Lianhua Supermarket Holdings Co., according to the Shanghai Municipal No. 2 Intermediate People’s Court’s verdict. It added that Wang had skimmed off more than 1.2 million yuan of the embezzled funds for himself…Full Article: Xinhua Aug 2015
- From 1999 and 2006, Mr. Zongnan was employed at Shanghai Friendship Group (General Manager) and Shanghai Bailian Group (President).
- Founded in 1991 and headquartered in Shanghai, Lianhua Supermarket Holdings operates supermarkets and hypermarkets in 19 provinces across China. The company is listed on the Hong Kong stock exchange and also manages a food e-commerce site.