Former COFCO official pleads guilty to charges

Zhou Zheng, former deputy general manager of China's leading agricultural and food trader COFCO Corp, pleaded guilty to taking bribes, embezzlement and abuse of power while standing trial in Yuncheng, Shanxi province, on Thursday.

According to the indictment provided by the Yuncheng prosecutors, Zhou took advantage of his positions in the company from 1998 to 2023 to assist departments and individuals in matters such as project contracting, recruitment and work promotion, and in return accepted bribes worth more than 6.05 million yuan ($849,000).

From 2003 to 2021, Zhou was found to have used his positions at the State-owned company to defraud public funds of over 2.41 million yuan by various means, including pretending to increase salary bonuses and falsely listing expenses, prosecutors said.

In addition, between 2013 and 2014, he was found to have abused his power to promote some company projects, resulting in a loss of State-owned assets worth more than 101 million yuan, they added.

They provided evidence to the Yuncheng Intermediate People's Court, noting that Zhou should be held criminally liable for bribery, embezzlement and abuse of power.

During the trial, Zhou and his lawyer also shared their opinions on the evidence, and Zhou confessed to the crimes in his final statement.

The court said the verdict will be announced at a later date.

More than 40 people, including Zhou's family members, national lawmakers, political advisers and journalists, attended the trial.