Beijing: The corruption scandal engulfing China’s largest maritime conglomerate could spread all the way to the top.
Wei Jiafu, the former chairman of Cosco, has been restricted from leaving China as investigations into the group continue. Wei was removed from his post as China’s most powerful man in shipping this July.
A smooth, erudite man, Wei, 63, rose from modest beginnings, completing his education at Dalian Maritime University, before joining Cosco in the late 1960s as a ship’s radio officer. At sea he rose through the ranks to become a captain before returning ashore and taking a variety of executive roles both at home and overseas. Wei amassed enough money at Cosco to lead a lavish life which including US universities for his offspring.
Cosco is now under the spotlight as a number of corruption scandals have hit it.
Xu Minjie, vice president of Cosco Group, was taken away by authorities this week for corruption investigations.
Xu joined Cosco in 1980, and became the vice president of Cosco Group in 2011. He also served as vice general manager of Cosco Holdings and general manager of Cosco Pacific.
In July, former general manager of Cosco Dalian, Meng Qinglin, was arrested for corruption and earlier former vice general manager of Cosco Qingdao, Song Jun was also arrested for corruption in 2011.
Under Xi Jinping, the new president of China, a large anti-corruption drive has snared many big names at large state-run companies, most notably PetroChina. [08/11/13]