Deng Qilin, former chairman of major Chinese steelmaker Wuhan Iron and Steel (Group) Corp., stood trial on Wednesday on charges of taking bribes.
Deng, who was tried at the Intermediate People's Court of Foshan City, Guangdong, was accused of taking bribes totaling over 55.4 million yuan (8.1 million U.S. dollars) from 2000 to 2015.
Deng took advantage of his positions to seek profits for others in promotions, business operations and construction projects, said a statement from the court.
Deng pleaded guilty and expressed remorse during the trial.
More than 50 people, including representatives of local legislators, political advisors, journalists and members of the public, were present at the open trial.
The Supreme People's Procuratorate announced an investigation into Deng in January, 2016.
The verdict has yet to be announced.