The government will soon announce the reason for the disappearance of the managing director of the State Power Corporation, who has not been seen since August 29, says an official newspaper.
The 21st Century Business Herald gave the most detailed account so far in a mainland publication of Gao Yan, 60, who is widely believed to be under investigation.
Last week, officials at his company were unable to say where he was or whether he still held the post of managing director.
Set up on January 16, 1997, State Power is China's biggest energy firm. It had assets at the end of 2000 of 1.8 trillion yuan (HK$1.7 trillion), accounting for 72 per cent of the country's power assets. Last year it was ranked 77th in Fortune's list of the world's 500 biggest firms and had sales of 400.3 billion yuan.
If Mr Gao has been arrested, the issue has strong political ramifications.
His deputy general manager is Li Xiaopeng who is the son of Li Peng, chairman of the National People's Congress. At next month's Communist Party's 16th Congress, Li Peng is due to step down as one of the seven members of the Politburo's Standing Committee.
Analysts see State Power as one of the power bases and are asking why Mr Li was unable to protect one of his proteges.