Asia/Pacific News
Under Investigation China COSCO Exec Resigns
Friday November 8, 2013
An executive of China COSCO Holdings Co. Ltd. (China COSCO) under investigation by the Chinese government has resigned, the company said in a statement Friday.
Xu Minjie resigned "with immediate effect due to personal reasons," the company said, a day after announcing that Xu was being investigated.
There have been conflicting reports over whether a former chairman of China COSCO parent company China Ocean Shipping (Group) Company (COSCO Group) has been prevented from leaving China, Reuters reports.
The Beijing Times reported that Wei Jiafu was not allowed to leave the country, but COSCO Group said that report was baseless.
COSCO Group replaced Wei with president and director Ma Zehua in July.
