Cosco official hit by SEC investigation

Cosco official hit by SEC investigation

Shanghai: As a part of an investigation into whether JP Morgan hired relatives of top Chinese government officials to help win business, the US Securities and Exchange Commission (SEC) issued a subpoena ordering the bank to provide all communications related to 35 Chinese government officials, including Wang Qishan, the secretary general of China’s Central Commission for Discipline Inspection and Sun Jiakang, a senior official of Cosco Group, the Wall Street Journal has reported.

The list of Chinese government officials on the subpoena includes the country’s powerful government and corporate officials. Other officials on the list include Minister of Public Security Guo Shengkun, chairman of state-owned grain trader COFCO, Ning Gaoning and People’s Bank of China governor Pan Gongsheng.

Sun joined Cosco in 1982 and currently serves as the vice president of Cosco Group. A few years ago he was deemed most likely to replace the group’s previous boss, Wei Jiafu, before the present incumbent Ma Zehua was parachuted in. Sun has also served as vice president of Cosco Hong Kong, managing director of Cosco Pacific and general manager of Cosco Container Lines.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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