Asia/Pacific News
China COSCO Exec Under Investigation
Xu Minjie, an executive director of major bulk shipper China COSCO Holdings Co Ltd. [HKG:1919] (China COSCO), is under investigation "by a relevant regulatory body," the company said in a filing with the Hong Kong Exchange Thursday.
Reuters reports the language used in the statement is shorthand typically used to describe Chinese government corruption probes.
The company said the move will not have a big impact on the company, and operations are continuing as usual.
"The Board believes that, as at the date hereof, the Investigation will not have material adverse effect to the Group and the business and operations of the Group remain normal," it said.
"The Board will assess the impact of the Investigation on the Group from time to time based upon the development of the Investigation."
Chinese President Xi Jinping has launched a major campaign against corruption at all levels and across industries, including investigations of former senior officials from oil firm China National Petroleum Corp. (CNPC) for possible "serious discipline violations," Reuters reports.
Xu is apparently the first shipping executive to be caught up in the probes.
China COSCO is controlled by state-owned China Ocean Shipping(Group) Company (COSCO).
Xu joined COSCO in 1980 and has worked in various management positions for several COSCO Group companies since then, according to the company's website.
