A top executive from a state-owned enterprise (SOE) was dismissed Thursday and is being investigated for suspected corruption after a significant amount of goods and cash were reported stolen from his home.
Bai Peizhong, board chairman and party chief of Shanxi Coking Coal Group Co.,Ltd., was dismissed from his post on Thursday, sources with the company said.
Bai was replaced by Ren Fuyao, who was board chairman and party chief of Shanxi-based Yangquan Coal Industry (Group) Co. Ltd.
In November, Bai's wife reported to police that their home was burglarized of 3 million yuan (474,600 U.S. dollars) worth of goods, the Guangzhou-based New Express Daily reported.
Police arrested two burglars and seized goods and cash worth 50 million yuan, a sum far beyond Bai's official income, according to the newspaper.
Anti-corruption authorities are investigating the case.