China's Chalco says executive resigns amid probe by authorities

Reuters

HONG KONG, Nov 19 (Reuters) - Aluminum Corp of China Ltd(Chalco) , the country's biggest aluminiumproducer, said on Tuesday its vice president had stepped downamid an investigation by authorities, the latest Chinese companyto be hit by a scandal.

Li Dongguang is also president of Chalco's trading unit,which sells aluminium and alumina, although the company did notsay if he had also resigned from that position and it did notimmediately respond to a request for comment.

Chinese authorities have launched a series of investigationsinto executives in sectors ranging from shipping to energy, withPetroChina, Asia's largest energy company by marketvalue, among the highest profile to be targeted so far.

Shares of Chalco closed down 1.7 percent on Tuesday, lagginga flat overallmarket.

On Monday, retail-to-property company Hit Shouchuang and toll road operator Anhui Expressway said authorities were investigating executives from both firmsas the government seeks to crack down on graft and othermalpractices.

Chinese President Xi Jinping has made fighting corruption atop priority since he took over as leader.

Beijing stunned the energy industry in late August and earlySeptember with announcements that five former top executives atPetroChina and CNPC were being investigated for "seriousdiscipline violations", shorthand generally used to describegraft.

(Reporting By Polly Yam and Anne Marie Roantree; Editing by RonPopeski)

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