Rongsheng chairman steps aside

Determined to put scandal behind it, China’s largest private shipbuilder, China Rongsheng Heavy Industries Group, has said its chairman has stepped down. Zhang Zhirong will be replaced by the yard’s ceo, Chen Qiang, SinoShipNews reports.

Rongsheng was hit by an insider dealing scandal involving a firm owned by Zhang ahead of the $15.1bn bid for Canadian oil firm Nexen Inc by China offshore oil and gas producer CNOOC.

Rongsheng’s profits have slumped this year amid a barren time for Chinese yards and shares of the Hong Kong-listed entity have dropped 30%.