Ex-chairman of Tsinghua Unigroup handed over to prosecutors

Zhao Weiguo, former chairman of Tsinghua Unigroup, a major Chinese integrated circuit manufacturer and also a chip-making giant, has been transferred to prosecutors for further investigation for alleged duty crimes, China's top supervision watchdog said.

After a recent probe, the National Commission of Supervision released a statement on its official website on Monday, saying that Zhao as a manager of the State-owned enterprise abandoned his duties by using public assets for his private purposes.

He was reportedly found illegally handing over profitable businesses of the enterprise to his friends and relatives to operate, and allegedly bought commodities from companies managed by his friends and relatives at a price that was significantly higher than the market rate, according to the statement.

He was also accused of instigating directors of the listed companies to harm interests of the company, resulting in extremely large losses to the interests of the country, it said.

Zhao has been suspected of corruption, providing illegal profits for others and harming interests of the listed companies, it said, adding that Zhao, along with the involved properties in the case, has been referred to prosecutors for further review.