Chinese MSCI constituent firm Kangmei Pharmaceutical faces 600,000 yuan fine for misstating cash position by 29.9bn yuan

//Chinese MSCI constituent firm Kangmei Pharmaceutical faces 600,000 yuan fine for misstating cash position by 29.9bn yuan

Chinese MSCI constituent firm Kangmei Pharmaceutical faces 600,000 yuan fine for misstating cash position by 29.9bn yuan

Listed Chinese company and MSCI global index constituent Kangmei Pharmaceutical is facing a 600,000 yuan (US$86,775) fine for falsifying its cash position by as much as 29.9 billion yuan, top watchdog Chinese Securities Regulatory Commission said on Friday.According to the commission, the company used fraudulent bank documents to inflate its cash deposits and falsified business certificates to inflate its income between 2016 and 2018, leading to “major” falsifications in its financial reports…

Article by [author-name] (c) South China Morning Post - Read full story here.

By | 2019-05-17T12:34:40+00:00 May 17th, 2019|Business|Comments Off on Chinese MSCI constituent firm Kangmei Pharmaceutical faces 600,000 yuan fine for misstating cash position by 29.9bn yuan