The chief accountant of China Oil and Foodstuffs Corporation (COFCO) is being investigated for alleged violations of discipline and law. It came during a sensitive time when the communist leader Xi Jinping is waging a war against food waste.
The leaders of the Communist Party of China inspected grain storages in recent months, and state media took a lead in propagating “hunger pangs” to the people, which raised the alarm of a food crisis.
The Central Commission for Discipline Inspection announced today that Luo Jiazhan, a member of the party group and chief accountant of COFCO, is being investigated for serious violations of discipline and law. Luo Jiazhen was the first person from the relevant department to be investigated after the food crisis emerged.
The Central Commission for Discipline Inspection did not yet announce the details of the suspected disciplinary violations of Luo Jiazhu. Corruption is almost a common practice among the CCP officials, but only victims of power struggles were charged for corruption as excuses for their downfall. This one is no exception. He could become one of the scapegoats for the colossal corrections in COFCO, China’s largest food processor, manufacturer, and trader.
The 56-year-old Luo Jiazhan had served successively as the Deputy General Manager, General Manager, Chief Accountant, and President of the Finance Department of China National Engineering and Agricultural Machinery Import and Export Corporation since December 1990, and Chairman of Beijing Chemco International Trade Co., Ltd. in 2002.
Since September, he had served as assistant to the president of China National Machinery Industry Corporation.
Since 2003, he has been stationed in SINOMACH Finance Co., Ltd., concurrently serving as the company’s chairman, party secretary and chief accountant of China National Machinery Industry Corporation.
He had served as a member of the party group of COFCO Corporation & chief accountant until 2018.
He graduated from the Accounting Department of Jiangxi University of Finance and Economics as a senior accountant.
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The US-CCP trade war and the reckless retaliatory policy against the US marked the beginning of a food crisis. It is getting worse this year after half of the Chinese provinces have been devastated by the flood:
- Reduced food imports from the US have worsened the Chinese food crisis.
- Pig swine flu plagued China after the CCP switched the pork imports from the US to Russia.
- Fires broke out right before the inspections of some state-owned food storages.
- Stale grain was found in some state-owned food storages.
- Floods ruined crops in grain production provinces.