Greater ChinaShipyards

Shanghai Bestway shareholder under investigation for fraud

Chinese shipbuilding and ship design group Shanghai Bestway Marine Engineering Design has announced that its second largest shareholder Li Lu is currently under police investigation for fraud.

The alleged fraud case is related to a share transfer deal in which Li sold his shares in Taizhou Jinhaiyun Shipping Equipment to Shanghai Bestway for RMB1.3bn ($192m) in 2015. Shanghai Bestway claims that the company suffered losses due to Li’s alleged fraud activities.

Currently the investigations on the case are still ongoing.

Financially troubled Shanghai Bestway entered into an agreement with new investors Xiamen Longhai Investment and Shanghai Dingguo Corporate Development for a restructuring of the company last month.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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