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Friday, December 15, 2017

China Shipping Group under Investigation for Corruption

February 9, 2015

Image: China State Shipbuilding Corporation

Image: China State Shipbuilding Corporation

 China’s central government anti-corruption team carried out an investigation which determined that the state-backed shipbuilding giant China State Shipbuilding Corporation (CSSC) has took part in several corruption activities. 

The team said they have found some senior officials of the company are using resources at the group to benefit their own shipping-related companies, and illegally taking company fund for personal use. 
Corruption activities have been uncovered in CSSC’s procurement department. They involve some of the senior officials of the shipbuilding giant. The main reason behind the occurrence is believed to be CSSC’s weak supervision mechanism.
 
Xu Lirong, president of China Shipping Group, admitted that the group lacks strict management and pledged to make changes according to the team’s requirement.
 
Liu Zu, the team’s leader, issued a few recommendations regarding how CSSC should manage corruption cases including close inspections of the uncovered corruption activities, co-op efforts with relevant authorities in relation to investigation procedures, as well as introducing tighter discipline and supervision measures in procurement concerning matters in order to boost the transparency of the group.
 
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