Chinese anti-corruption authorities have detained two leading domestic shipping bankers in a widening probe of the country’s state-owned financial leasing houses that ship finance sources fear could dampen future newbuilding activity.
Sources said Fang Xiuzhi, head of shipping for Bank of Communications Financial Leasing (Bocomm Leasing), was taken away from his office on Friday.
Under Fang’s leadership since 2012, the shipping asset portfolio of Bocomm Leasing is said to have ballooned, reaching $12bn by the end of 2019.
