Chairman of China Cosco's leasing unit facing probe, sources say

Investigation said to be part of anti-graft crackdown at state-owned parent

Cargo is loaded onto a Cosco Shipping vessel in Hamburg, Germany. © Reuters

WU YUJIAN and HAN WEI, Caixin

November 23, 2023 21:24 JST

Liu Chong, chairman of Shanghai- and Hong Kong-listed Cosco Shipping Development, has been detained by authorities for investigation, multiple sources with knowledge of the matter told Caixin.

Cosco Shipping Development, the finance and leasing arm of the state-owned shipping giant China Cosco Shipping, said Tuesday in a filing with the Shanghai Stock Exchange that Liu has submitted a written resignation from all duties in the company, citing "personal reasons."