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Chairman of Chinese state-owned conglomerate being investigated for graft, party says

China's ruling Communist Party says the chairman of a massive state-owned conglomerate is being investigated for corruption, nine months after the government audited the company.

The party's Central Commission for Discipline Inspection said on its website Thursday that Song Lin was suspected of "serious violations of discipline and law." The phrase usually describes embezzlement, bribe-taking or related corruption that is considered rife in China's powerful state-run firms.

As head of China Resources Group, Song held a position equal to a government vice minister, making him among the most senior officials to be investigated during an ongoing crackdown on corruption.

Song and China Resources Group have denied any wrongdoing, dismissing accusations against them as slander.