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| Shanghai F1 boss 'in graft probe' | |
| (about 3 hours later) | |
| The head of Shanghai's showcase Formula One motor racing circuit is being questioned over a major corruption inquiry, a state newspaper reported. | The head of Shanghai's showcase Formula One motor racing circuit is being questioned over a major corruption inquiry, a state newspaper reported. |
| Yu Zhifei, manager of the Shanghai International Circuit, is assisting police in the high-profile case, the Shanghai Securities News said. | Yu Zhifei, manager of the Shanghai International Circuit, is assisting police in the high-profile case, the Shanghai Securities News said. |
| The investigation is centred on the alleged misuse of the city's multi-million dollar pension fund. | |
| Several top officials and prominent businessmen have also been implicated. | Several top officials and prominent businessmen have also been implicated. |
| The government investigation has centred on the alleged misuse of at least one third of the 10bn yuan ($1.2bn) pension fund to make illegal loans and investments in real estate and other infrastructure deals. | The government investigation has centred on the alleged misuse of at least one third of the 10bn yuan ($1.2bn) pension fund to make illegal loans and investments in real estate and other infrastructure deals. |
| Beijing has sent over 100 investigators to Shanghai. | |
| CORRUPT COMRADES 1998: Beijing mayor Chen Xitong jailed for corruption2000: Scores of officials implicated in smuggling scandal in Xiamen2001: Mayor of Shenyang and his deputy sentenced to death for land deals2006: Shanghai Party boss Chen Liangyu sacked over pension fund charges Beijing power play China's history of graft | |
| Last month, China's most senior Communist Party official in Shanghai, Chen Liangyu, was sacked for corruption. | Last month, China's most senior Communist Party official in Shanghai, Chen Liangyu, was sacked for corruption. |
| Mr Chen, 60, was accused of seeking benefits for companies and relatives and protecting people around him "who had seriously violated discipline and law". | Mr Chen, 60, was accused of seeking benefits for companies and relatives and protecting people around him "who had seriously violated discipline and law". |
| Mr Yu is being questioned over "illegal operations" at the $240m (£128m ) F1 track, according to the Shanghai Securities News report. | Mr Yu is being questioned over "illegal operations" at the $240m (£128m ) F1 track, according to the Shanghai Securities News report. |
| Earlier reports highlighted Mr Yu's friendship with Mr Chen, whose administration was responsible for bringing motor racing to China. | Earlier reports highlighted Mr Yu's friendship with Mr Chen, whose administration was responsible for bringing motor racing to China. |
| Mr Yu, 54, is a flamboyant businessman who went from running a small manufacturing company to controlling a Shanghai football club before he took the racing job. | |
| Shanghai's hosting of the Formula One race in future would not be jeopardised by the scandal, according to the report. | |
| The Chinese Grand Prix, last held earlier this month, is staged with government support and has a spectator capacity of 200,000. | |
| The 3.39-mile, 14-turn track is fast and technical. After its debut Grand Prix in 2004 former world champion Michael Schumacher described it as "the best race track I have ever seen". |