Zhou Zheng, former deputy general manager of COFCO, was accused of causing a loss of more than 100 million yuan in state-owned assets.
On October 17, the Intermediate People’s Court of Yuncheng City in Shanxi Province held a public trial in the case against Zhou Zheng, a former member of the party leadership and deputy general manager of COFCO Group, who is facing charges of bribery, embezzlement, and abuse of power in a state-owned company.
According to available information, Zhou Zheng, born in 1963, was placed under investigation in November 2023, and was expelled from the Communist Party in May of the same year. He has been accused of promoting financial products for relatives, improperly intervening in market activities, embezzling public funds, and causing significant losses to national interests.
The Yuncheng City People’s Procuratorate alleges that from 1998 to 2023, Zhou exploited his positions—including general manager at Hangzhou COFCO Meters Company, general manager at COFCO Packaging Company, and deputy general manager at COFCO Group—to assist certain entities and individuals in business contracts, hiring processes, and job promotions, in exchange for illegal benefits totaling over 6.05 million yuan.
Furthermore, between 2003 and 2021, while holding key roles such as general manager at Hangzhou COFCO Meters Company and chairman of COFCO Real Estate Group, Zhou is accused of engaging in fraudulent activities to embezzle public funds, including inflating expenses and bonuses, amounting to over 2.41 million yuan.
In addition, between 2013 and 2014, Zhou misused his authority while serving as chairman of COFCO Land and COFCO Real Estate Group in Shenzhen, promoting projects in violation of regulations, leading to a loss of over 101 million yuan in state assets.
During the trial, Zhou made a final statement, expressing his remorse and acknowledging his guilt. The court has adjourned and will announce its verdict at a later date.
