CSSC retrieves $9.67m of corruption losses

CSSC retrieves $9.67m of corruption losses

China State Shipbuilding Corporation (CSSC), one of two major state-run shipbuilding conglomerates in China, has completed a new round of internal inspections into affiliate companies in a move to rectify various discipline issues within the group.

According to CSSC, the group has inspected a total of 44 affiliate companies and 16 departments in headquarters in a three-month inspection. During the inspection, 151 employees received punishment and 924 employees received warnings. Additionally the group has retrieved financial losses of RMB62.25m ($9.67m) via the inspection.

China’s anti-corruption sweep of state-run companies has taken down several officials at shipbuilding companies. In November 2017, Gu Tiquan, former president of CSSC-affiliated Hudong Zhonghua Shipbuilding was sentenced to jail for 13 years for corruption charges.

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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