EDP’s main shareholder, the China Three Gorges Corporation (CTG), is under investigation by for corruption and bad business practices, writes Correio da Manhã . As the investigation – run by the central disciplinary commission of the Chinese Communist Party – continues, CTG president Cao Guangjing is reported to have resigned his position in Peking, and been sent to a lesser province, while his former administrator, Chen Fei, has also been moved to new duties.
Guangjing – a key player in CTG’s deal to buy in to EDP – denies that his move is related to the investigations, saying moves like this are commonplace in China’s state institutions.
Meantime, the allegations centre on corruption at high levels at CTG, with favoritism in adjudicating construction contracts and “excessive spending”, says CM.
Guangjing’s dismissal was announced at a meeting this week of Chinese Communist Party.
