Du Chuanzhi, former president of Rizhao Port, has been taken away by discipline inspection authorities as part of corruption investigations.
Du had been serving for Rizhao Port for over 30 years, and he just left the group and joined State-owned Assets Supervision & Administration Commission in November.
A number of senior officials of Rizhao Port including the chief financial officer, Lv Chuantian, have also been taken away for investigations.
Shanghai-listed Rizhao Port is a major iron or port in Shandong. It reported a net loss of RMB169m ($24.2m) for the year of 2015, the first annual loss for the past decade.