Cosco and Hanjin shock resignations

In a statement, Cosco Holdings said that it “stands firmly behind the party and the country’s policy of anti-corruption investigations,” and welcomes the “public, news media and society at large scrutiny.”

The company’s board also said it “will assess the impact of the investigation on the group from time to time based upon the development of the investigation,” but does not expect the investigation will have “material adverse effect” to business. Xu Minjie, 54 was executive vice president of China Ocean Shipping, vice chairman of China International Marine Containers Group and chairman of Cosco Logistics.

Although his departure is not expected to affect COSCO’s container shipping operations, the corruption probe is the latest setback for the financially strapped carrier and its share price fell by 7% following the announcement.