Greater China

Nanjing Tanker investors call for investigations into president

Shanghai: Nearly 200 investors of Nanjing Tanker, the delisted subsidiary of Sinotrans & CSC, have jointly sent a letter to the Central Discipline Inspection Commission (CDIC) and Supreme People’s Procuratorate to report the illegal activities of Zhu Ning, president of Nanjing Tanker, and request investigations into the matter. Each investor is named in the letter.

The investors accused Zhu Ning of a series of illegal activities including money laundering through Nanjing Tanker’s Singapore subsidiary, taking bribes in several shipbuilding contracts, manipulating financial results and violations in information disclosure.

“In the past year, we have seen the central government’s determination on anti-corruption. Out of the responsibility of citizens and also for protecting our legitimate interest, we hope CDIC and Supreme People’s Procuratorate to investigate on the case,” the investors said in the letter.

“CDIC and Supreme People’s Procuratorate haven’t accepted the case yet,” said Wang Shuzhen, a representative of the investors, adding that they have also sent the letters to China Securities Regulatory Commission and Shanghai Stock Exchange.

Nanjing Tanker has suffered losses for four consecutive years and has become the first state-owned company to delist from the stock exchange. [24/04/14]

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