China probes senior BoCom Leasing executive in anti-graft campaign

Another senior executive from a leading Chinese leasing house is being investigated in connection with an anti-graft probe.

Local media said Ma Bin, a former vice president of Bank of Communications Financial Leasing (BoCom Leasing), is suspected of serious violations of discipline and law and is currently being investigated by the Central Commission for Discipline Inspection.

Ma was a colleague of Fang Xiuzhi, the former head of shipping for BoCom Leasing, who was last year detained by anti-corruption authorities as part of an investigation that raised concerns over the growth momentum of the country’s shipping lessors.

He is one of a host of well known Chinese ship finance names to have been hit by graft allegations and faded from view over the last two years.

It was revealed earlier this year that Li Li, one of the best known names in Chinese ship finance, is facing prosecution in Beijing after the authorities accused her of accepting large bribes during her time working for the Export-Import Bank of China (Cexim).

However, despite Beijing’s escalating corruption crackdown, recent months have seen some revival in Chinese ship financing, according to Petrofin data.

The Shanghai-based BoCom Leasing is one of China’s largest lessors of merchant ships, with well-known names in the industry as clients, including Mediterranean Shipping Co, Shell and Trafigura.