In an extremely rare case of a powerful Chinese state-owned enterprise having to refute public allegations, a subsidiary of one of the country’s biggest conglomerates has defended itself against accusations of corruption and mismanagement published by state media.

China Resources Power, the Hong Kong-listed subsidiary of the Fortune Global 500 state-owned China Resources, issued a statement yesterday in response to allegations from a senior journalist working for a newspaper controlled by Xinhua, the government’s official news agency.

In a statement posted on the internet on Wednesday, the journalist, Wang Wenzhi, accused China Resources chairman Song Lin and other senior executives of intentionally overpaying for three coal mines and other assets CR Power bought in 2010 in northern China.