Ex-SIPG president faces graft investigation

Yan Jun has become the latest high-profile name in Chinese shipping to be investigated for corruption.

Yan, who suddenly stepped down as president of Shanghai International Port Group (SIPG), at the end of last month after nine years in charge, is being investigated by Shanghai’s anti-corruption watchdog according to Chinese financial newswire Caixin. Yan is “suspected of serious violations of discipline and law”, local authorities said in a case that is reportedly linked to the investigation into Chen Xuyuan, Yan’s predecessor at SIPG, operator of the world’s largest container terminal.

The Chinese maritime community, especially its ship finance sector, has been rocked by a series of anti-corruption investigations in the last couple of years.

Splash reported last week on another senior executive from a leading Chinese leasing house hit by an anti-graft probe.

Local media said Ma Bin, a former vice president of Bank of Communications Financial Leasing (BoCom Leasing), is suspected of serious violations of discipline and law and is currently being investigated by the Central Commission for Discipline Inspection.

Ma was a colleague of Fang Xiuzhi, the former head of shipping for BoCom Leasing, who was last year detained by anti-corruption authorities as part of an investigation that raised concerns over the growth momentum of the country’s shipping lessors.