Sainty Marine senior officials under investigation

Sainty Marine senior officials under investigation

Two senior officials of the financially troubled shipyard Sainty Marine have been arrested over the misuse of the company funds.

Xuzhou People’s Court has ruled to arrest Wang Junmin, former general manager of Sainty Marine, and Cao Chunhua, the secretary of the committee for discipline inspection for Sainty Marine.

The two officials are currently under investigation.

Wang quit as Sainty’s general manager in May this year, Cao also resigned from the position of deputy general manger, secretary of the board, and the head of the financial department at the beginning of this year, but remained in the position of secretary of the committee for discipline inspection.

Wang and Cao were also accused by the Shenzhen Stock Exchange of violations of the information disclosure rules this May.

Katherine Si

Having majored in English Katherine started out at news portal ShippingChina.com where she rose to become News Editor. In 2008 she moved to work with Sam Chambers and has since held numerous positions including China correspondent for Seatrade magazine. Katherine is in touch with Chinese owners and yards on a daily basis and has had many prestigious news scoops reporting China’s fast evolving maritime scene.

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