China State Shipbuilding Corporation rings changes after corruption uncovered

China State Shipbuilding Corporation rings changes after corruption uncovered

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.

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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