ICYMI – Top Chinese ship finance leader detained for investigation – COSCO chairman

<p>ICYMI -&nbsp;Liu Chong, chairman of Shanghai and Hong Kong listed Cosco Shipping Development Co. Ltd., has been detained by authorities for investigation.</p><p>Chinese media had the report over the weekend.&nbsp;</p><p>Details are sparse:</p><ul><li>COSCO Shipping Development, the finance and leasing arm of the world’s largest shipowner, COSCO, said in a filing earlier this week that Liu had submitted a written resignation from all duties in the company, citing “personal reasons”. </li><li>
Liu also relinquished his board positions at China Merchants Securities and Everbright Bank.&nbsp;</li></ul><p>The report adds: </p><ul><li>
Many other senior names within the Chinese ship finance and leasing scene have been detained over the past couple of years</li></ul><p>Ahh, the joys of a one-party state.&nbsp;</p><figure data-media-><img src="https://images.forexlive.com/images/gold%20china%20President%20xi_id_0630fb2f-46d0-4d88-972e-e51b10896628_original.jpg" alt="gold china President xi" width="310" height="335" wrapper-="wrapper-" data-src="https://images.forexlive.com/images/gold%20china%20President%20xi_id_0630fb2f-46d0-4d88-972e-e51b10896628_original.jpg" /></figure><p><br></p>

This article was written by Eamonn Sheridan at www.forexlive.com.