China Communications Construction Company
China Communications Construction Company, Ltd. (CCCC) is a majority state-owned, publicly traded, multinational engineering and construction company primarily engaged in the design, construction and operation of infrastructure assets, including highways, bridges, tunnels, railways (especially high-speed rail), subways, airports, oil platforms, and marine ports. CCCC has been a contractor for numerous Belt and Road Initiative projects.[1][2]
Native name | 中国交通建设 (Chinese) | ||||||
|---|---|---|---|---|---|---|---|
| Type | State-owned enterprise | ||||||
| Industry | Engineering and Construction | ||||||
| Founded | 2005 | ||||||
| Headquarters | 85 De Sheng Men Wai Street, Xicheng District, , | ||||||
Area served | Worldwide | ||||||
Key people |
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| Revenue | 583,024,280,000 renminbi (2018) | ||||||
| Owner | State-owned Assets Supervision and Administration Commission of the State Council (63.8%) | ||||||
| Subsidiaries | China Road and Bridge Corporation China Harbour Engineering Company John Holland Group | ||||||
| Chinese name | |||||||
| Simplified Chinese | 中国交通建设股份有限公司 | ||||||
| Traditional Chinese | 中國交通建設股份有限公司 | ||||||
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| China Communications Construction | |||||||
| Simplified Chinese | 中国交通建设 | ||||||
| Traditional Chinese | 中國交通建設 | ||||||
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| CCCC | |||||||
| Simplified Chinese | 中交建 | ||||||
| Traditional Chinese | 中交建 | ||||||
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| Website | en | ||||||
History
CCCC's predecessors can be traced back to the Qing Dynasty, when the Junpu Engineering Bureau was established in 1905.[3] The company was officially formed in 2005 by the merger of China Road and Bridge Corporation (CRBC) and China Harbour Engineering Company (CHEC), which focus on transportation infrastructure and marine infrastructure, respectively. In 2006, the company listed shares on the Hong Kong Stock Exchange, followed by a listing on the Shanghai Stock Exchange in 2012.
The company has numerous subsidiaries including John Holland Group, which is an Australia-based construction company focused on infrastructure, and Friede & Goldman, which engineers offshore vessels for the oil and gas industry.[citation needed]
World Bank debarment
In 2009, the World Bank Group debarred CCCC for eight years due to fraud on highway projects in the Philippines.[2][4] In that year, the company allegedly transferred $19 million to Teodorin Obiang, son of the President of Equatorial Guinea, according to a 2013 US asset-forfeiture case.[5] In 2010, one of CCCC's subsidiaries, China Harbour Engineering Company, won the contract to build the Magampura Mahinda Rajapaksa Port.[1] In 2018, Bangladesh banned the China Harbour Engineering Company, a CCCC subsidiary, after attempted corruption to win a highway tender.[6]
Bribery allegations
One of the company's subsidiaries, China Harbour Engineering Company, was under investigation in Bangladesh and The Philippines in 2018 and 2020, respectively, for alleged bribery.[7][8][9]
U.S. sanctions
CCCC is active in dredging projects in areas under dispute in the South China Sea, highway-building in Xinjiang, and building naval logistics installations at Gwadar Port.[10][11][12][13] In August 2020, the United States Department of Commerce placed several CCCC subsidiaries on the Bureau of Industry and Security's Entity List for their construction work to militarize artificial islands in the South China Sea.[14][15][16] The same month, the United States Department of Defense released the names of additional “Communist Chinese military companies” operating directly or indirectly in the United States. CCCC was included on the list.[17][18] In November 2020, Donald Trump issued an executive order prohibiting any American company or individuals from owning shares in companies, including CCCC, that the U.S. Department of Defense has listed as having links to the People's Liberation Army.[19][20] In December 2020, the United States Department of Commerce added CCCC itself to the Entity List.[21]
CCCC is a "blue chip" stock (part of the CSI 300 Index). State-owned Assets Supervision and Administration Commission of the State Council (SASAC) holds 63.8% of the company's shares.[22] Other shareholders include multiple affiliates of (or funds managed by) Merrill Lynch, BlackRock and JPMorgan Chase.[22]
See also
References
- ^ a b Prasso, Sheridan (September 19, 2018). "A Chinese Company Reshaping the World Leaves a Troubled Trail: CCCC, Belt and Road's biggest builder, is besieged by allegations of fraud, corruption, and environmental damage". Bloomberg Businessweek. from the original on June 1, 2020. Retrieved July 15, 2020.
- ^ a b Roy Chaudhury, Dipanjan (August 23, 2019). "World Bank bans Chinese companies again for financial crimes". The Economic Times. from the original on August 23, 2019. Retrieved July 15, 2020.
- ^ Alon, Ilan (2010). A Guide to the Top 100 Companies in China. World Scientific. ISBN 978-981-4291-46-0.
- ^ "World Bank Applies 2009 Debarment to China Communications Construction Company Limited for Fraud in Philippines Roads Project". World Bank. July 29, 2011. from the original on June 19, 2020. Retrieved 2020-07-15.
- ^ "A Chinese Company Reshaping the World Leaves a Troubled Trail". Bloomberg.com. 2018-09-19. Retrieved 2020-10-13.
- ^ Hartman, Leigh (2020-09-10). "China's construction companies sow chaos worldwide". ShareAmerica. Retrieved 2020-10-13.
- ^ "Bangladesh blacklists China Harbor Engineering Co. for bribery: Report | Daily FT". www.ft.lk. Retrieved 2020-12-02.
- ^ "No job for China Harbour in future". The Daily Star. 2018-01-17. Retrieved 2020-12-02.
- ^ "Sheikh Hasina: China, Bangladesh road project hits bribe bump; may slow down Beijing's connectivity plans - The Economic Times". m.economictimes.com. Retrieved 2020-12-02.
- ^ Long, Drake (14 July 2020). "Senior US Official Hints at Sanctions on Chinese Firms in South China Sea". Radio Free Asia. from the original on 15 July 2020. Retrieved 15 July 2020.
- ^ . Xinhua News Agency. May 19, 2020. Archived from the original on 2020-08-23. Retrieved 2020-07-16.
- ^ "Work progressing on possible Chinese naval base in Pakistan?". The Week. June 3, 2020. from the original on July 1, 2020. Retrieved July 15, 2020.
- ^ "DOD Releases List of Additional Companies, in Accordance with Section 1237 of FY19 NDAA". U.S. Department of Defense. 2020-08-28. Retrieved 2020-08-29.
- ^ Long, Drake (August 26, 2020). "US Sanctions Chinese Companies Over South China Sea Island-Building". Radio Free Asia. from the original on August 28, 2020. Retrieved August 26, 2020.
- ^ O’Keeffe, Kate (2020-08-26). "U.S. Sanctions Chinese Firms and Executives Active in Contested South China Sea". Wall Street Journal. ISSN 0099-9660. from the original on 2020-08-26. Retrieved 2020-08-26.
- ^ "Commerce Department Adds 24 Chinese Companies to the Entity List for Helping Build Military Islands in the South China Sea". U.S. Department of Commerce. 2020-08-26. from the original on 2020-08-26. Retrieved 2020-08-26.
- ^ "DOD Releases List of Additional Companies, in Accordance with Section 1237 of FY19 NDAA". U.S. Department of Defense. August 28, 2020. from the original on 30 August 2020. Retrieved 30 August 2020.
- ^ "Qualifying Entities Prepared in Response to Section 1237 of the National Defense Authorization Act for Fiscal Year 1999 (PUBLIC LAW 105–261)" (PDF). U.S. Department of Defense. August 28, 2020. (PDF) from the original on 28 August 2020. Retrieved 30 August 2020.
- ^ Chen, Shawna (November 12, 2020). "Trump bans Americans from investing in 31 companies with links to Chinese military". Axios. Retrieved November 12, 2020.
- ^ Pamuk, Humeyra; Alper, Alexandra; Ali, Idrees (2020-11-12). "Trump bans U.S. investments in firms linked to Chinese military". Reuters. Retrieved 2020-11-12.
- ^ "U.S. Imposes New Sanctions on People's Republic of China Actors Linked to Malign Activities". United States Department of State. 2020-12-18. Retrieved 2020-12-18.
- ^ a b China Communications Construction Co. Ltd. Annual Report 2016. p. 57.
External links
- Official website