Xu Minjie, executive director of China Cosco Holdings, resigned on Nov. 8 for "personal reasons," according to the parent company, amid widespread reports that China's anti-corruption campaign has spread to the shipping industry.
The news follows the marine freight transportation company's Nov. 7 announcement that Xu is "under investigation by a relevant regulatory body," without providing further details. Cosco Holdings said today that it "stands firmly behind the party and the country's policy of anti-corruption investigations," and welcomes the "public, news media and society at large scrutiny."
Xu is also executive vice president of China Ocean Shipping, vice chairman of China International Marine Containers Group Co. and chairman of Cosco Logistics, Bloomberg reports.
