COSCO Shipping Development announces chairman's resignation

Liu Chong (source China Shipping Development)

Hong Kong-listed ship leasing firm COSCO Shipping Development, a subsidiary of China COSCO Shipping Corporation, has announced the resignation of its chairman Liu Chong amid other news that he has allegedly been detained by party discipline inspectors.
 

The announcement made through the Hong Kong Stock Exchange stated:
 

Mr. Liu has tendered his resignation as the chairman of the Board of the Company, an executive Director, the legal representative of the Company and the chairman of the Executive Committee, the chairman of the Investment Strategy Committee and a member of the Nomination Committee of the Board with effect from 20 November 2023 due to his being unable to devote sufficient time to perform duties by reason of personal affairs. Mr. Liu will no longer hold any position in the Company and all its subsidiaries upon his resignation.
 

According to a report in Lloyds List “Party discipline inspectors were said to have taken away chairman of COSCO Shipping Development on Friday (17 November) before the company announced his resignation this week.”
 

The shipping newspaper observed that the “incident continues a trend of senior Chinese shipping figures frequently falling prey to a nationwide anti-corruption drive in recent years.

Source: Hong Kong Maritime Hub

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