© Khunaspix Dreamstime.

One of the most senior Cosco executives has been expelled from the Chinese Communist Party, following his arrest for years of alleged corruption. Investigators are continuing their research into the activities of Xu Minjie during his period in charge of Cosco Pacific, the Hong Kong-headquartered terminal operating and container leasing arm of the state-owned giant, which he became head of 2007. Auditors have found “a series of violations” in the accounts of Cosco Pacific container leasing subsidiary Florens Container Services during his tenure. Mr Xu’s subsequent elevation to deputy general manager at Cosco Group in July 2011 was said to be supported by then chief executive Wei Jiafu on the basis for Mr Xu promoting Capt Wei’s daughter to lead Florens’ US operation.

Comment on this article

You must be logged in to post a comment.