15 Juni 2014

[150614.EN.SEA] Party Ousts ex-Cosco VP Who Faces Court Sanctions For False Expenses

EX-COSCO Group vice-president Xu Minjie has been expelled from the Communist Party and transferred to the criminal courts for padding his expenses while in working for China's largest shipping company, reports Lloyd's List.

The Assets Supervision and Administration Commission found Xu Minjie to have misreported expenses, the party's Central Commission for Discipline Inspection said on its website.
Chinese courts usually convict those found guilty of illegal activity by the executive arm of the Chinese Communist Party.

"Based on our findings, Xu Minjie took advantage of his position and violated regulations. He misreported personal expenses, acts that constitute serious violations of disciplines and laws," the website said.

"We have decided to expel Mr Xu from the party and transferred the suspected criminal case and findings to the judiciary authorities."

The 30-year Cosco veteran served as an executive director of China Cosco Holdings, and vice-chairman and managing director of port arm Cosco Pacific.

Described as Cosco Group's number five in the Chinese press, Mr Xu was also vice-chairman and a non-executive director of China International Marine Containers, of which Cosco Container Industries - another group subsidiary - was the second-largest shareholder.

China's new leadership is cracking down on corruption and casualties include high-profile party officials and heads of state-owned enterprises.

Other than Mr Xu, several former officials of Cosco Group have been probed. One, a manager of a Cosco unit, was sentenced to death for corruption, bribery and having induced perjury, though the sentence has not been carried out.

Source : HKSG.

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