According to reports, Zhang Wenzhong, the chairman of Beijing’s largest retailer Wumart Stores, has resigned and been replaced by an interim chairman, executive director Wu Jianzhong.
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Chinese reports have been circulating that the management shuffle is the result of a government investigation into Zhang.
The Standard, a Hong Kong-based newspaper, reported today (15 November) that Zhang was under investigation by the Chinese government over how he obtained the capital to set up the company in 1994.
