Heat is on Cosco as minority shareholders wage war

A group of small shareholders in huge loss making Cosco are mulling making an official complaint to the China Securities Regulatory Commission (SCRC).
Led by Beijing lawyer Zhang Yuanzhong, a Cosco shareholder who has been trying to oust Wei Jiafu as chairman of the shipping line, the group has said that if Cosco cannot give a proper explanation for its poor performance it will submit an administrative complaint to the SCRC by the end of this month alleging improper operations by Cosco. Zhang claims his campaign to remove Wei as chairman has received plenty of support from minority shareholders , although he has refused to reveal names of the number of supporters to his motion.
China Cosco Holdings, the flagship dual listed entity of China’s largest shipping line, reported a net loss of RMB 9.559bn for 2012.
Source: Sino Ship News