Exclusive: Chairman of China Cosco’s Leasing Unit Under Probe

Liu Chong, chairman of Shanghai and Hong Kong listed Cosco Shipping Development Co. Ltd., 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 Co. Ltd., 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.”