Shanghai: China State Shipbuilding Corporation (CSSC) has announced that the group has started internal rectification work following the completion of an investigation by the central government.
According to CSSC, the group has been found having illegal activities in several procurement and asset acquisition deals, with two senior officials now under investigations by authorities. The group is still investigating another 27 potential leads for corrupt activities.
The company also found relatives of five officials had business relations with the group, involving contract values of RMB187.36m ($30.22m) in total.
CSSC also said it will tighten regulations on investments in subsidiaries, and it plans to dispose of 44 affiliate companies with a total value of RMB428m ($69m) through equity transfer, liquidation and integration in 2015.