Wang Shuaiting, the former chairman of a listed subsidiary of China Travel Service (Holdings) Hong Kong (CTS), stood trial on graft charges in Shenzhen on Wednesday.
Wang, 61, pleaded guilty to charges of accepting bribes worth more than 40 million yuan (HK$46 million) and embezzling another seven million yuan during his tenure with state-owned China Resources, according to Xinhua.
Citing the prosecutors, Xinhua said: “Wang took advantage of his high-profile management positions at China Resources to give certain organisations and individuals a hand up in investment, personnel appointment and promotion.”
A former vice-chairman of China Resources, he joined CTS in 2011. He was placed under disciplinary investigation by the Communist Party’s top anti-graft watchdog in May 2014 and was expelled from the party in September last year.
Wang was the third former China Resources executive detained after ex-chairman Song Lin was placed under graft investigation in April 2014.