China corruption crackdown nets Cosco executive The heavily loss making shipping group China Cosco has become the latest Chinese company to be caught up in the country's anti-corruption drive with a senior executive facing investigation over unspecified allegations. Shares in the company fell as much as 6.9 per cent to HK$3.51 on Friday after it revealed late on Thursday that Xu Minjie, an executive director, was under investigation by a "relevant regulatory body." Cosco did not identify the investigating body or give any detail on the probe's focus. "The board believes that . . . the investigation will not have material adverse effect to the group and the business and operations of the group remain normal," it said. Cosco, which runs container shipping and ports businesses, has made losses for the past two years and could face delisting from the Shanghai and Hong Kong exchanges if it falls to a loss again this year. A string of political leaders and corporate executives have been swept up in China's latest anti-corruption drive including the mayor of Nanjing and managers at PetroChina, one of the country's biggest oil groups. The crackdown under new President Xi Jinping is seen as more wide-ranging than previous rounds of house cleaning under new leadership. Since taking the reins of the Communist party in 2012 Mr Xi has vowed to target pervasive corruption in official life, warning that it could undercut the government's legitimacy if left unchecked. Cosco could not be reached for comment on Friday.