China Cosco Holdings Co. (1919), the nation’s largest shipping company, said Executive Director Xu Minjie is under investigation by a regulatory body that it didn’t identify.
The probe won’t have a “material adverse effect” on the Tianjin, northern China-based company and its operations, according to a Hong Kong stock exchange filing yesterday.
China Cosco’s board said it will assess the investigation from time to time and advise shareholders of any material developments. The company said it was told about the probe by parent China Ocean Shipping Group Co.
Xu, 54 at the time of China Cosco’s annual report in April, is also an executive vice president of China Ocean Shipping, vice chairman of China International Marine Containers Group Co. (2039) and chairman of Cosco Logistics Co., according to data compiled by Bloomberg. He’s a graduate of the Qingdao Ocean Shipping Mariners College and holds business degrees from Shanghai Maritime University and Maastricht School of Management.
Xu didn’t immediately reply to a voice mail left at his office number outside of normal business hours today.
China Cosco said last month that third-quarter net loss narrowed to 1.04 billion yuan ($171 million) from 1.53 billion yuan a year earlier. The company said in August that it was selling stakes in two real estate units to its parent for 3.73 billion yuan to avoid a third straight annual loss.
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