Dairy giant denounces ex-chairman over embezzlement

China's leading dairy producer Yili Group has publicly denounced its ex-chairman over the alleged embezzlement of hundreds of millions of yuan, and has accused several senior government officials of facilitating the embezzlement.

The logo of China's leading dairy producer Yili Group.[File Photo: IC]

According to an open letter published by the company on Wednesday, Zheng Junhuai, the former chairman of the Inner Mongolia-based group, stands accused of embezzling around 240 million yuan (35 million U.S. dollars) from the company 14 years ago.

The dairy giant also accused several senior government officials of providing protection to Zheng, including helping him to conceal his crimes.

Yili is calling for a thorough investigation into the allegations surrounding its ex-chairman.