Scandal-linked Mainland Firm's Boss 'to Quit'

The boss of mainland energy conglomerate, which is linked to the corruption case involving former Hong Kong official Patrick Ho, is expected to step down from his position soon.

CEFC China Energy is reportedly to make an announcement that its chairman Ye Jianming will relinquish his post.

This comes after media reports that the Shanghai-based oil company has dropped plans for a major expansion in central Europe.

Reports have said Ye was sidelined amid an investigation on the mainland on suspected economic crimes.

Ye, who has ties to the country's military, founded the company in 2002 and has been expanding fast in recent years. The company has denined involvement after its name was mentioned the arrest of former Hong Kong Home Affairs Secretary Ho in the US for allegedly bribing African leaders.

Ho worked for a think tank funded by the company.