COSCO’s senior exec under probe
Print Edition
China’s campaign to root out corruption has now extended into the shipping industry, after the country’s largest bulk shipper, China COSCO Holdings Co, said the government was probing one of its top executives.
Vice President Xu Minjie was “under investigation by authorities,” COSCO said in a brief statement to the Shanghai Stock Exchange yesterday, using shorthand generally used in China to describe corruption probes.
It gave no details other than to say the move would not have a big impact on the company, whose operations it said were continuing as normal.
Calls to the company’s headquarters in Beijing seeking comment went unanswered.
A Chinese shipping industry website had earlier reported that Xu was under investigation for corruption. The story was later removed from its website, though other Chinese news portals continued to carry it.
Chinese President Xi Jinping has identified corruption as a threat to the ruling Communist Party of China’s very survival, and has launched a sweeping campaign against it, vowing to take on both top-level “tigers” and lowly “flies.”
As part of that campaign, China launched a series of graft probes into the energy sector, announcing in August and September that five former senior officials of the country’s biggest oil firm, China National Petroleum Corp, had been put under investigation for “serious discipline violations.”
Xu is believed to be the first person from China’s shipping industry to be caught up in Xi’s crackdown on corruption.
Xu is a shipping industry veteran of more than three decades, according to his resume on COSCO’s website.
COSCO has been hit by a weakening global economy and a supply glut of ships since the beginning of 2011, though it appears to be on track to return to black this year, despite analysts noting uncertainty due to lingering oversupply.
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