Leading Chinese Accountant Censured For Obstructing Bond Default Probe

(Beijing) – China's leading homegrown accounting firm has received stiff punishment from an industry body for obstructing a probe of one of its clients whose subsidiary defaulted on 2 billion yuan ($303 million) worth of bonds, amid a broader crackdown on financial shenanigans by big companies.

Ruihua Certified Public Accountants, LLP. was censured and ordered to suspend services related to bond issues for a year, according to a June 21 announcement by the National Association of Financial Market Institutional Investors (NAFMII), an industry body that helps the central bank regulate the 51 trillion yuan market.