Ex-Chairman Of China Shipbuilding Industry Co Faces 13-Year Jail Term And Hefty Fine

Hu Wenming, the ex-chair of the China Shipbuilding Industry Co (abbreviated CSIC), has been given a 13-year prison sentence along with a $700,000 fine after authorities found him guilty of several graft charges for a 20-year phase.

Hu Wenming was the most powerful man in the Chinese shipbuilding industry. He reportedly started out from the Aviation Industry Corporation of China (abbreviated the AVIC) and was appointed as the chair of CSSC back in 2012 and chair of CSIC in 2015 in state enterprise management swaps that were decided by the central government.

Reference: Splash247

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