Shanghai: A struggling big name in Chinese tanker circles has become embroiled in a potential scandal involving Singapore.
Nearly 200 investors of Nanjing Tanker, the delisted subsidiary of Sinotrans & CSC, have jointly sent a letter to the Central Discipline Inspection Commission (CDIC) and Supreme People’s Procuratorate in Beijing to report the illegal activities of Zhu Ning, president of Nanjing Tanker, and request investigations into the matter. Each investor is named in the letter.
The investors accused Zhu Ning of a series of illegal activities including money laundering through Nanjing Tanker’s Singapore subsidiary, taking bribes in several shipbuilding contracts, manipulating financial results and violations in information disclosure.
Nanjing Tanker has suffered losses for four consecutive years and has become the first state-owned company to delist from the stock exchange. It has a significant set-up in Singapore where it has a joint venture management company with Hong Kong’s Wallem Group. [24/04/14]