Punishment of steel executive sends out warning to SOEs

The removal of a senior executive of Baosteel Group from his post for misusing public money and receiving gifts sends out a stern warning from the top anti-graft authority to other officials in State-owned enterprises.

Zhao Kun, deputy general manager of Baosteel Group, the parent of Baoshan Iron & Steel, was removed from his post in August for breaking austerity rules, including spending public money on extravagant receptions and having others pay for his games of golf.

According to a statement by the Central Commission of Discipline Inspection on Wednesday, Zhao used company money on exorbitant accommodations in villas when he attended company meetings in August and December 2013, and on sightseeing tours.