Dalian: China’s massive anti-graft campaign has snared a high profile shipping company in Dalian. Haichang Group, a diverse conglomerate involved in property, oil, tourism and shipping, stands accused by the National Audit Office of having misused funds given to it by local authorities. Instead of buying overseas technology, as originally directed, Haichang, one of China’s larger private tanker players, used the cash to buy vineyards in France. Haichang now owns more than 10 vineyards in France.
Since Xi Jinping came to power last year he has been waging a high profile anti-corruption campaign, with many shipping-related companies accused of graft.
For the Haichang Group this is the latest embarrassing setback. Mao Shijia, chairman of Dalian Ruihai Petrochemical Shipping, a tanker subsidiary of Haichang, was taken away by authorities for investigation in November last year. The National Audit Office, meanwhile, has been busy of late cracking down on shipping companies. Earlier this week, it issued a damning report on the accounting practices of China Shipping Group. [26/06/14]