Executive Briefings

Cosco Holdings Exec Resigns as China's Anti-Corruption Probe Reaches Into Shipping Industry

Even as Cosco becomes confident it will achieve a full-year profit and avoid delisting, it was denying reports that former chairman Wei Jiafu was placed under travel restrictions, after one of its top executives resigned under a cloud of investigation.

Xu Minjie, executive director of China Cosco Holdings, resigned on Nov. 8 for "personal reasons," according to the parent company, amid widespread reports that China's anti-corruption campaign has spread to the shipping industry.

The news follows the marine freight transportation company's Nov. 7 announcement that Xu is "under investigation by a relevant regulatory body," without providing further details. Cosco Holdings said today that it "stands firmly behind the party and the country's policy of anti-corruption investigations," and welcomes the "public, news media and society at large scrutiny."

Xu is also executive vice president of China Ocean Shipping, vice chairman of China International Marine Containers Group Co. and chairman of Cosco Logistics, Bloomberg reports.

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Xu Minjie, executive director of China Cosco Holdings, resigned on Nov. 8 for "personal reasons," according to the parent company, amid widespread reports that China's anti-corruption campaign has spread to the shipping industry.

The news follows the marine freight transportation company's Nov. 7 announcement that Xu is "under investigation by a relevant regulatory body," without providing further details. Cosco Holdings said today that it "stands firmly behind the party and the country's policy of anti-corruption investigations," and welcomes the "public, news media and society at large scrutiny."

Xu is also executive vice president of China Ocean Shipping, vice chairman of China International Marine Containers Group Co. and chairman of Cosco Logistics, Bloomberg reports.

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