Cofco chief accountant faces probe for alleged violations: Beijing

The chief accountant at Chinese agribusiness major Cofco is under investigation by the country’s watchdog for potential violations, according to an official statement from China’s Central Commission for Discipline Inspection Tuesday.

Luo Jiamang, who has been working at the state-owned agribusiness since 2018, is now being investigated for alleged “serious violations of discipline and law”, the commission said on its website.

No further details were disclosed by time of press.

Cofco – one of the largest importers of grains and oilseeds in China – has been playing a pivotal role in the US-China phase one trade agreement under which China has pledged to buy more than $33 billion of US agricultural products.

The state-owned company has ramped up purchases of US soybeans and corn in recent weeks, pushing US export sales volumes to new records.