SHANGHAI, Jul. 25 (SMM) – Board chairman of Sichuan Star Cable Co. is being investigated for suspected involvement in political scandals in China's southwestern province of Sichuan.
Li Guangyuan, who holds a controlling stake of 62.6% in the Chinese leading cable maker, has been detained by government authorities for investigation, according to media reports.
Shares of the company, which is listed on Shanghai Stock Exchange, are suspended from trading today.
Specializing in making cables used in petroleum and petrochemical industries, nuclear power and electricity grids, Star Cable is a major buyer of copper rods.