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.