SOE manager under investigation for taking bribes

A manager of a State-owned company is under investigation for taking bribes worth almost 100 million yuan ($16 million) in South China's Guangdong province, local disciplinary authorities said Sunday.

Zhang Xinhua, manger of Baiyun Nonggongshang United Co Ltd, was being investigated for taking advantage of his post to seek benefit for others and accepting bribes of more than 90 million yuan and over HK$8 million, according to the Guangzhou City Committee for Discipline Inspection of the Communist Party of China.

The city disciplinary authorities said this is the largest sum in a single bribery case in decades.

Zhang was also allegedly involved in the embezzlement of state assets valued at 240 million yuan, together with others, through the sale of state land and property, it said.

Zhang has been transferred to judicial authorities, the city disciplinary authorities said.