Officials of Tianyuan Logistics are refusing to comment on how the arrest of the head of state-controlled China Huarong Asset Management Co will affect their ambitious newbuilding plans with China Shipbuilding Industry Corp (CSIC).
Chinese news organisation Caixin reported today that Huarong has extensive financial ties to manganese giant Ningxia Tianyuan Manganese Industry Co, the parent of Tianyuan Logistics.
That Caixin report followed news that Huarong party secretary and chairman Lai Xiaomin had been taken away Tuesday evening by Beijing's Central Commission for Discipline Inspection (CCDI) for "serious disciplinary violations", a stock phrase that is meant to be interpreted as alleging corruption.
