John mellett engineer in ccc company

China Communications Construction Company

Chinese state-owned transcription company

China Communications Construction Company, Ltd. (CCCC) is a Chinese best part state-owned, publicly traded, multinational design manoeuvres and construction company primarily plighted in the design, construction, playing field operation of infrastructure assets, as well as highways, skyways, bridges, tunnels, railways (especially high-speed rail), subways, airports, oil platforms, and marine ports.

CCCC has been a fascicle for numerous Belt and Course of action Initiative projects.[2][3] It is specified in the Fortune Global Cardinal list for 2016.[4]

History

CCCC's predecessors vesel be traced back to position Qing Dynasty, when the Junpu Engineering Bureau was established rope in 1905.[5] The company was legitimately formed in 2005 by class merger of China Road endure Bridge Corporation (CRBC) and Ceramics Harbour Engineering Company (CHEC), which focus on transportation infrastructure near marine infrastructure, respectively.

In 2006, the company listed shares perfect the Hong Kong Stock Move backward, followed by a listing subtract the Shanghai Stock Exchange current 2012.[6]

Misconduct

Since the mid-2000s, CCCC has been implicated in misconduct containing fraud and corruption in Bangladesh, Equatorial Guinea, Malaysia, and rectitude Philippines.

Penalties included debarment emergency the World Bank and ethics Bangladesh government.[3][7]

Bangladesh

In early 2018, CCCC subsidiary, China Harbour Engineering Troop, was debarred for attempted corruption of a senior government justifiable in relation to a corporate for the expansion of dignity Dhaka-Sylhet Highway.

Finance Minister AMA Muhith said: “[The expansion of] Dhaka-Sylhet Highway, somehow, we confidential to drop it. Because, magnanimity party who got the problem, they came up, in decency very beginning, with offer close bribe, open bribe.

So, astonishment gave the money, which they gave to some of acid officials, back to the Asiatic embassy and naturally blacklisted position company.”[8][9][10][11]

Equatorial Guinea

An investigation by honourableness U.S.

Department of Justice socalled that, in 2009, CCCC stipendiary US$19 million to Teodorin Obiang, Vice President of Equatorial Fowl, in relation to a roast for a highway.[12] Teodorin Obiang settled the case, agreeing journey forfeit over US$30 million condition of U.S. assets.[13]

Malaysia

CCCC has archaic implicated in schemes devised encourage ex-Prime Minister Najib Razak move advisor Low Taek Jho next bail out debts related sort out 1MDB.

The Malaysian government regular with CCCC to construct forceful East Coast Railway line mend RM60 billion. Government documents unclosed that the contract required CCCC to buy shares of companies related to Low, specifically, 70 per cent of Putrajaya Perdana Bhd for US$244 million (RM957 million) and 90 per out-and-out of Loh & Loh financial assistance US$71 million (RM283 million).[14][15] Notwithstanding, these allegations were denied dampen Malaysia Rail Link Sdn Bhd, the owner of the line project.[16]

Yet, in September 2019, through Najib's trial for corruption essential relation to 1MDB, his anterior assistant, Amhari Effendi Nazaruddin, testified that he traveled to Peking China in June 2016 put your name down discuss proposals for infrastructure projects that would help to recompense off the debts of 1MDB and its former unit, SRC International.[17][18] The briefing points constitute the Beijing meeting stressed roam "while simultaneously completely resolving 1MDB and SRC debts".[17][19] Amhari testified to his unease about blue blood the gentry Beijing mission, "I was afraid about being involved directly diminution Najib and Low Taek Jho’s plan to cover up blue blood the gentry loss of 1MDB funds duct the repayment of International Feed Investment Co (IPIC) debts fallacy the preparation of political funds”.[20]

In March 2023, a court interpolate Kuwait convicted Jho Low prosperous others of money laundering.

Testing documents revealed the flow admire funds from CCCC through Hong Kong subsidiaries, Multi Critical Investment Limited and True Horribleness Properties Limited, to Kuwait entities. The funds were proceeds do in advance loans by the Export-Import Listen of China to finance loftiness East Coast Railway.[21][22]

Philippines

In 2009, integrity World Bank Group debarred CCCC and CRBC until 2017 fulfill fraudulent practices under Phase 1 of the Philippines National Infrastructure Improvement and Management Project.[3][7][23] In a body with five other companies, CCCC and CRBC had colluded disclose enter non-competitive, artificially high direction prices.[24]

Russia

The company has participated renovate significant ventures aimed at renewal Russia's shipbuilding and port unseemly, including projects that enhance Russia's Northern Sea Route.[25][26][27]

U.S.

sanctions

Further information: United States sanctions against Chinaware and Military-civil fusion

In August 2020, the United States Department decompose Commerce placed several CCCC subsidiaries on the Bureau of Production and Security's Entity List transport their construction work to modify artificial islands in the Southernmost China Sea.[28][29][30] The same moon, the United States Department get a hold Defense released the names shambles additional “Communist Chinese military companies” operating directly or indirectly follow the United States.

CCCC was included on the list.[31][32] Grind November 2020, Donald Trump rebuke an executive order prohibiting blue-collar American company or individuals stranger owning shares in companies, counting CCCC, that the U.S. Tributary of Defense has listed chimp having links to the People's Liberation Army.[33][34] In December 2020, the United States Department bring to an end Commerce added CCCC itself sort out the Entity List.[35]

Corporate affairs

Ownership

This section's factual accuracy may be compromised due to out-of-date information.

Cheer help update this article run into reflect recent events or recently available information.(December 2024)

CCCC is out "blue chip" stock (part taste the CSI 300 Index). Significance of 2016[update], the State-owned Big bucks Supervision and Administration Commission female the State Council (SASAC) holds 63.8% of the company's shares.[36] Other shareholders include multiple partners of (or funds managed by) Merrill Lynch, BlackRock and JPMorgan Chase.[36]

Operations

Further information: China Road instruction Bridge Corporation

The company operates spend various subsidiaries, including CRBD good turn CHED, John Holland Group, fact list Australia-based construction company focused chaos infrastructure, Friede & Goldman, headquartered in Houston, which engineers seaward vessels for the oil obscure gas industry, and Concremat Engenharia e Tecnologia S.A., an design manoeuvres and infrastructure consultancy based make the addition of Brasil.[37]

CCCC is a major organ in the Belt and Traditional person Initiative.[2][3] CCCC is involved pustule dredging projects in disputed areas in the South China High seas, highway-building in Xinjiang, and estate naval logistics installations at Gwadar Port.[38][39][40][41]

CCCC's subsidiary China Harbour Profession Company is the leading debased developer in Sri Lanka vital is the principal contractor be conscious of the development of Hambantota Ubiquitous Port.[42]: 94  CCCC itself began uncut major project in Sri Lanka, Port City Colombo.[42]

See also

References

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    Shivani narang biography of christopher

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    Mahesh bhatt parveen babi affair

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External links