China Probes Executives of CSIC, COSCO

Maritime Activity Reports, Inc.

June 13, 2015

China's first built 300,000 dwt VLCC. Pic by China Shipbuilding Industry Corporation

China's first built 300,000 dwt VLCC. Pic by China Shipbuilding Industry Corporation

 China Shipbuilding Industry Corporation (CSIC) and China Ocean Shipping Company (Cosco) are being probed in China’s national anti-corruption scheme, according to a report in the Reuters.

 
The Central Commission for Discipline Inspection (CCDI) has not named any company executives as targets for individual inspection. CCDI is the highest internal-control institution of the Communist Party of China (CPC).
 
The watchdog did not name any executives as targets for individual inspection in its statement, but said it warned companies against transgressions such as nepotism, wasteful spending and improper bidding on contracts. 
 
However, IHS Maritime reported that three senior executives from CSIC and one from Cosco were disciplined by China's State-owned Assets Supervision and Administration Commission of the State Council (SASAC), CCDI announced on 10 June.
 
As part of President Xi Jinping's two-year, multiphase crackdown on corruption, the commission has pledged to inspect "all important backbone State-owned firms and financial institutions" this year.
 
Some officials of the state-owned enterprises (SOE) had failed to run the companies properly and disobeyed the law and discipline to seek personal favors and pleasure, said the CCDI.
 
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