Second Cosco official detained

The government has arrested another official connected with China Ocean Shipping Group’s (Cosco; 600428.SHA) Dalian unit after the former general manager was taking in for questioning late last month, Caixin reported. Gao Fusheng, the general manager of Dalian Cosco’s subsidiary Yuanchang Shipping, has been arrested. Meng Qinglin, who retired in January, was probed by the party’s discipline watchdog on August 27. Meng reportedly made Yuanchang Shipping lease overpriced bulk carriers. Cosco has been grappling with heavy losses for years and could be forced to postpone trading if it posts a third straight year of losses this year.