The general manager of China National Nuclear Corporation (CNNC), Kang Rixin, has been deposed from his position after being investigated for "grave violations of discipline", the Organization Department of the CPC Central Committee confirmed Thursday.
Kang was allegedly involved in a 1.8 billion yuan (US$260 million) corruption case, people.com.cn, the People’s Daily website, reported Friday.
An insider said there are two main accusations against Kang: appropriating public money to buy stocks, and interfering with the bidding results of nuclear power projects. And according to an anonymous CNNC staffer, Kang may also have taken illegal money from the company’s main projects.
The CNNC is responsible for China's nuclear weapons, power production, and managing the country’s nuclear waste disposal facilities, according to the company's website. The corporation made a profit of 4.8 billion yuan ($705 million) last year.
Kang had been the corporation's general manager and Party secretary since September 2003. He was named among the "Top Ten Talent Managers of China" in 2007.