Why was Wang Song, CEO of Blue Flood, arrested? Nbsp; on may 17th, ChinaCache (code: CCIH), a Nasdaq-listed company, announced that its president and CEO Wang Song had been arrested for allegedly bribing the company. Wang Song resigned as the chairman and CEO of the company, and Liu Bin, the acting CEO of Liu Bin, joined Blue Flood in 212. He was previously the vice president in charge of new product development. The announcement also said that it had received a notice from the Beijing Municipal Government Procuratorate Office that it was accused of accepting bribes from enterprises and was hiring a criminal defense lawyer to prepare relevant legal procedures. As legal proceedings are still in the early stage, the company is currently unable to assess the possibility of such proceedings.
Kou Xiaohong, director and senior vice president of Honglan, said that the board of directors is committed to taking all necessary measures to improve the company's legal compliance and internal control. Independent members of the Board of Directors plan to conduct internal investigations on bribery-related allegations and hire external consultants to assist independent members of the Board of Directors in conducting such investigations as soon as possible.