Former CSIC chairman expelled by Chinese Communist Party

Former CSIC chairman expelled by Chinese Communist Party
Jason Jiang January 5, 2021 https://splash247.com/former-csic-chairman-expelled-by-chinese-communist...

The Central Commission for Discipline Inspection of the Chinese Communist Party (CCDI) has announced it has expelled Hu Wenming, former chairman of state-run shipbuilding giant China Shipbuilding Industry Corporation (CSIC)

Hu has been under criminal investigation since March 2020 after he left his position of chairman at CSIC due to retirement.

According to CCDI, Hu was found to have committed a series of corruption activities including taking bribes, using his power for money and sex, and insider trading.

Hu had been the most powerful man in China’s shipbuilding industry over the past seven years. He started out from Aviation Industry Corporation of China (AVIC) and was appointed as chairman of CSSC in 2012 and chairman of CSIC in 2015 in state-owned enterprise management swaps arranged by the central government.

CSSC and CSIC completed a merger in 2019. The new entity, China Shipbuilding Group, is led by Lei Fanpei.