Chinese police have charged former head of the Chinese largest logistic holding COSCO Holdings Co. Xu Minzu with corruption, Reuters reports. Moreover, the Central Committee of the Communist Party of China said the official was expelled from the Party a few days ago. This fact enables the authorities to launch an investigation of his case. Xu Minzu is suspected of abuse of office and an inappropriate use of public funds. Six months ago he was forced to step down as executive officer due to “personal reasons” as the company said then.
China COSCO Holdings Co. is the biggest logistic company in China with 130,000 employees.
Experts link the case of Xu Minzu to a large-scale anti-corruption campaign being held by the Chinese authorities now. Dozens of senior officials and top managers of government organizations are on trial. For instance, in July 2013, former Railway Minister Liu Zhijun was sentenced to the death penalty for bribery. Then he got a 2-year reprieve that frequently means a verdict to be replaced with a life sentence.