Dalian Wanda Group, owned by China's richest man Wang Jianlin, said on Thursday it fired an executive who bribed a local Chinese official eight years ago in a bid to shift from state ownership into the private company it is today.

Wanda revealed that former manager Leng Chuanjin had "seriously violated" the company policies by utilizing corporate funds to pay 300,000 yuan ($45,000) for the local official as Wanda sought to shed partial government ownership and become a private firm, Channel News Asia reported.

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The real estate giant discovered the bribery case earlier this year following media reports that Jin Cheng, the former Communist Party chief of Xigang district in Dalian, the home base of Wanda, had been put behind bars for corruption charges.

According to South China Morning Post, even if the amount was considered small and that Jin is a low-ranking official, the case shed light on the early days of Wanda that has now turned into a property and entertainment giant.

Documents filed in the Benxi Intermediate People's Court revealed that Jin withdrew the money in two batches. It took 100,000 yuan ($14,986) in 2009 and the remaining amount a year after.

The money was allegedly given by Wanda manger Leng to thank him for helping with the "corporate restructure and business operations," the document read.

As a punishment, Wanda fired two managers involved. It removed Leng as chief manager, froze all his shares and dividends, and ordered an audit of his financial ties to the company, Fortune reported. On the other hand, Wanda also froze the shares of Han Yuqiu, the vice president of finance who assisted in the bribe, but said he cannot be sacked as he was already retired.

In a statement posted on its website, Wanda wrote: "The Group restates, all staff should learn lessons from this case and strictly follow the Group's regulations." 

TagsDalian Wanda Group, Dalian Wanda, Dalian Wanda bribery, Bribery