Greater China

Uneasy holidays for many top execs as graft watchdog visits near

Beijing: For many top executives in shipping-related companies heading on their Lunar New Year holidays today, there will be an air of unease.

The Central Commission for Discipline Inspection (CCDI) will investigate 26 state run firms straight after the holidays including the nation’s top shipping lines, shipbuilders and key shippers as part of president Xi Jinping’s continued anti-graft drive.

Those on the list include PetroChina, China National Offshore Oil Corp, Sinochem, Cosco, Baosteel, Wisco and China Shipbuilding Industry Corp.

“We need to sharpen the ‘Sword of Damocles’ hanging above those in power and use inspections to keep them in awe,” a statement quoted watchdog head Wang Qishan as saying.

Many senior executives in shipping-related firms have already been rounded up in the protracted corruption crackdown initiated by China’s president.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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