Executives of the influential 21st Century Business Herald were arrested by the First Branch of the Shanghai People's Procuratorate on Thursday.
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Those arrested included Shen Hao, president of the 21st Century Media Ltd., vice president Chen Dongyang, vice president and chief financial officer Le Bing.
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The prosecutors accused the 21st Century Business Herald, the website affiliated to the publication, Money Week, and eight companies under the group, of blackmail and forcing transactions.
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Shen was also accused of taking bribes as a non-state staff, duty encroachment and embezzlement.