Zhao is alleged to have handed profitable businesses to his relatives and friends to operate and purchased goods from units managed by his associates at prices higher than the market rate, the Central Commission for Discipline Inspection<\/a> said.
Together, the acts caused heavy losses to national interests, the anti-graft watchdog added.
Tsinghua Unigroup did not immediately respond to a request for comment. Reuters was unable to reach Zhao for comment.
Originating as a branch of China's prestigious Tsinghua University, state-backed Tsinghua Unigroup emerged in the previous decade as a would-be domestic champion for China's laggard chip industry<\/a>.
But the company racked up debt under Zhao. It spent billions on chip-related acquisitions but also unrelated, unprofitable businesses ranging from real estate to online gambling that eventually led it to default on a number of bond payments in late 2020 and face bankruptcy.
Last year, Tsinghua Unigroup completed a restructuring plan that placed it under the ownership of a vehicle controlled by Wise Road Capital<\/a>, Jianguang Asset Management, and a number of state-affiliated funds. Zhao was replaced by Li Bin in July.
Financial magazine Caixin<\/a> reported in the same month that Zhao had been taken away from his home Beijing by authorities and had since been out of contact.
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