JES International ceases operations

CHINESE shipping firm JES International has ceased operations, and only retains a "skeletal staff" to run the group, as part of its process of controlling costs.

The group also said on Thursday evening that it has taken steps to replace its missing group paraphernalia, and has successfully obtained the administrative records and common seals of two subsidiaries. It remains in the process of replacing them for its other three subsidiaries.

JES said on July 2 that it had uncovered possible financial irregularities against its former CEO and chairman, Jin Xin, and also started proceedings against a former employee who absconded with its administrative records.

In its update, the firm said it has recovered the electronic financial records of its subsidiaries, and these are now in the custody of the local police.