The latest casualties in Shanghai’s ongoing pension fund fraud scandal: New Huangpu Real Estate Co. chairman Wang Zheng and Chen Chaoxian, Changning district’s head honcho.
Wang, 44, who was detained on Nov. 2, took over for Wu Minglie, who — you guessed it — stepped down in April, when he was was suspected of “a severe breach of discipline and economic wrongdoing.” Let’s all buy stock in that company!
Chen, on the other hand, was nabbed for “serious irregularities,” and we doubt they are talking about bowel movements. He is said to be “assisting in the investigation” — we wonder what his alternatives were.
Stay tuned … you never know who could fall next. Could it be you? (Or maybe more likely one of those guys in the background of the photo.)
Photo of Chen Chaoxian from 21cn.com.