Cosco recovers $1.8m from corruption crackdown

Cosco recovers $1.8m from corruption crackdown

The central government has found more corruption activities within state-run shipping giant China Cosco Shipping in its latest anti-corruption inspections.

The discipline inspection team sent by the central government has found numerous officials of the group paying golf club memberships with company funds.

The company has confiscated 47 golf club membership cards and recovered RMB12.56m ($1.8m). Several officials involved in the case have received different punishments including demotion and serious warnings.

China Cosco Shipping has been under the spotlight in a series of corruption crackdown operations over the last few years. In 2018, China’s National Audit Office discovered a total of 36 irregularities and illegal practices at the group.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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1 Comment

  1. Avatar
    Chris
    January 8, 2019 at 12:36 am

    Good to see – I’d love to know if the Chinese are now doing more than western governments to reduce or eliminate corruption? It appears that way from the headlines but one seems to assume that the USA are the natural leaders in this area?