18 Jan 2010 11:57

Former CNNC head fired on corruption charges

Shanghai. January 18. INTERFAX-CHINA - Kang Rixin, the former general manager of China National Nuclear Corp. (CNNC), has been fired for corruption, state media reported on Jan. 16.

Kang, who ran one of China's most powerful 136 government-controlled firms, is accused of abusing his power for other people's economic interests and accepting large bribes, the government-run Xinhua news agency reported.

Kang was replaced by Sun Qin in August 2009, according to the report.

Kang's case involved capital worth RMB 1.8 billion ($263.54 million). Kang is accused of interfering with CNNC's nuclear project bids and embezzling company funds to invest in stocks, local Chinese newspaper Chiangjiang Daily quoted people familiar with the case as saying.

CNNC is one of China's largest nuclear power developers. In 2008, it reported business revenues of RMB 36.6 billion ($535.87 million) and profits of RMB 4.8 billion ($702.78 million).