Hainan Airlines has punished a group of senior executives in its shipping unit Grand China Logistics Co due to losses in the company's international shipping business, media reported Monday, Global Times reported.
 
A total of 21 senior executives of Grand China Logistics Co, including the company's chairman Jia Hongxiang and CEO Li Xiaoming, have been penalized with demotion or salary deduction for the losses in international shipping routes, Hong Kong-based Ta Kung Pao reported.
 
The company was not available for comment Monday.
 
Due to sluggish demand amid global economic downturn, Grand China Logistics had to halt some of its international shipping routes last year, which would lead to some $300 million to $350 million losses in its international shipping business, said the newspaper, citing the report.
 
 
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