Xu Minjie, executive director of China Ocean Shipping Company (Cosco), has resigned after an investigation by the Chinese authorities, South China Morning Post reported, citing a statement by the bulk shipper. “People’s perception is the investigation has to do with a lot of irregularities in this company. In the past, it made quite a few funny investments,” said a Hong Kong analyst. Separately, the official Xinhua News Agency also reported on Sunday that former China Cosco chairman Wei Jiafu’s movements had been restricted by the authorities, citing unnamed sources.
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