Greater ChinaRegulatory
Former Grand China Shipping exec gets seven years for corruption
Shanghai: Haikou Intermediate People’s Court has announced that it has sentenced Liu Xudong, former vice general manager of the defunct HNA-affiliated Grand China Shipping, to seven years in jail for corruption.
Liu was charged for taking bribes of RMB2.96m ($476.8k) from shipbrokers in several major deals involving the company.
Liu was dismissed by HNA Group in 2012 as a punishment for the serious losses posted by Grand China Shipping, which was liquidated by a Hong Kong court in 2013.
Jia Hongxiang, former president of Grand China Logistics, has also been under investigations by authorities since November 2014 for corruption activities.