Corruption Hits Home

One of the websites I check daily is 21st Century Business Herald. Checked and was are now the appropriate verb tenses.

China Closes Major Business News Website in Extortion Case

Authorities ordered one of China's most prominent business news websites to close Thursday after its managers were accused of extorting money from companies with threats of negative coverage.

The penalties follow the September detention of the publisher and general manager of the website's parent newspaper, the 21st Century Business Herald. That was one of the highest-profile scandals in a Chinese news industry that has been wracked by repeated allegations of misconduct.

Companies were coerced into paying the 21st Century Business Herald a total of about 300 million yuan ($50 million) for advertising over several years and were threatened with negative news coverage if they refused, according to earlier reports.

The national press regulator said the website, 21cbh.com, would be suspended and a magazine owned by the company, Money Weekly, stripped of its publishing license. The newspaper was ordered to undergo a management overhaul.