Song Lin, the chairman of state-owned China Resources Holdings Co., has been dismissed as the firm's Communist Party chief as part of a corruption investigation, reports the Wall Street Journal.
The Central Commission for Discipline Inspection, the party's internal corruption watchdog, said in a short statement that Song was being investigated for "suspected serious violations of discipline and law."
General manager Qiao Shibo had been temporarily assigned to take over for Song, according to a statement from the company, which also said that it was cooperating with the investigation.
"This is a very serious time for China Resources," the statement quoted Qiao as saying. "We need to be on high alert and reflect deeply. We need to deepen our recognition of the urgency and importance of fighting corruption."
The investigation into ong comes amid a long and wide-ranging anticorruption campaign being directed from Beijing and follows allegations last year that the company had overpaid for coal-mining assets in Shanxi province, according to the Journal.