Sep 24, 2013 06:28 PM

Executive's Arrest Is Latest Sign of Trouble for State-Owned Shipper

(Beijing) – The recent arrest of an executive of a subsidiary of China Ocean Shipping (Group) Co. (COSCO Group) has spelled more trouble for the state-owned shipping firm, which has been grappling for years with the heavy losses incurred by another member of the corporate family.

Meng Qinglin, former general manager of COSCO Dalian Ocean Shipping Co. (COSCO Dalian), was taken away for questioning by the Communist Party's discipline watchdog over alleged corruption related to vessel-leasing deals, COSCO Dalian said on August 27.

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