(MENAFN- AFP) Chinese entertainment and real-estate giant Wanda said Thursday it had fired an executive implicated in the bribery of a local government official.
The announcement followed media reports that the executive had been named in court documents related to a government corruption trial.
Wanda said in a statement that former manager Leng Chuanjin had "seriously violated" company rules by using corporate funds to pay a local party chief 300,000 yuan ($45,000) as it sought to shake off partial government ownership and move into private hands.
The company first learned about the bribery case from media reports that Jin Cheng, former party chief of Wanda's home district, had been sentenced to jail on corruption charges, it said.
According to the Benxi Intermediate People's Court's judgement, two Wanda executives used company funds to pay Jin the sum in two instalments.
The bribes were to "thank" Jin for helping Wanda transition from a state-owned company into a privately-held firm, the court said.
Wanda's boss Wang Jianlin has long insisted that his company did not rely on political help to achieve its stunning transformation from a regional real-estate firm into a giant conglomerate that has bought major Hollywood studios and aims to challenge Disney.
From 2004 to 2007 Jin presided over discussions on Wanda's restructuring, the court documents said. During that time, the municipal government offloaded 70 million shares, allowing Wanda to go private.
On Thursday Wanda said it had fired Leng from his post as chief engineer, frozen his shares and dividends, and ordered an audit of his financial ties to the company.
It did not specify when the sacking occurred.
Wanda also said the company's then-vice-president of finance Han Yuqiu, who assisted in the bribe, had misappropriated funds without approval.
The company has frozen his shares, it said, but added that he was already retired and therefore could not be sacked.
"The group reiterates that all staff members take this as a warning to abide by company rules and regulations," it said.
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