Chinese authorities are investigating the second-highest-ranking executive of auto giant and Peugeot shareholder Dongfeng Motor Corp for "serious" violations of discipline, the Communist Party's corruption watchdog said today, using language typically used to describe graft.
A Central Commission for Discipline Inspection statement gave no details of the alleged violations by Zhu Fushou - who was general manager and deputy party secretary of Dongfeng, making him the firm's second most senior officer.
Dongfeng, the country's second-biggest automaker by sales last year, has several joint ventures with foreign manufacturers. It also has a 14 per cent stake in France's PSA Peugeot Citroen.
In May, Dongfeng's then chairman was moved to China's third largest carmaker FAW Group, after the latter's previous boss was formally put under investigation for corruption.
Since President Xi Jinping took office more than two years ago, China has launched an unprecedented anti-corruption campaign, which has brought down government officials and corporate executives.
The company's Hong Kong-listed unit, Dongfeng Motor Group, was down 1.78 per cent today.
