Sep 20, 2022 05:25 AM

FINANCE

Exclusive: Graft Busters Target Booming Shipping Finance Sector

By Bao Zhiming and Han Wei

From 2017 to 2021, the amount of ship leasing assets backed by Chinese institutions surged from $47 billion to $77 billion.

From 2017 to 2021, the amount of ship leasing assets backed by Chinese institutions surged from $47 billion to $77 billion.

An anti-corruption crackdown is targeting China’s fast-growing shipping finance sector as several senior industry executives came under investigation, Caixin learned.

The latest to show up on regulators’ radar was Guo Fangmeng, a top ship financier and managing director of Citic Financial Leasing Co. Ltd. Guo, head of Citic Financial Leasing’s global shipping finance business, was taken away by authorities in recent days, multiple sources told Caixin.

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