ICYMI – Top Chinese ship finance leader detained for investigation – COSCO chairman

ICYMI – Liu Chong, chairman of Shanghai and Hong Kong listed Cosco Shipping Development Co. Ltd., has been detained by authorities for investigation.

Chinese media had the report over the weekend.

Details are sparse:

• COSCO Shipping Development, the finance and leasing arm of the world’s largest shipowner, COSCO, said in a filing earlier this week that Liu had submitted a written resignation from all duties in the company, citing “personal reasons”.
• Liu also relinquished his board positions at China Merchants Securities and Everbright Bank.

The report adds:

• Many other senior names within the Chinese ship finance and leasing scene have been detained over the past couple of years

Ahh, the joys of a one-party state.