China COSCO exec steps down after investigation

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.