Power Company to Buy Back Employee's Shares

(Beijing) – China's second-largest power distributor plans to buy back privately held, employee-owned company shares after the nation's top anti-corruption watchdog discovered serious violations of financial disclosure rules, Caixin has learned.

The Communist Party's Central Commission for Discipline Inspection had said in March 2015 that Guangzhou-based China Southern Power Grid Co. Ltd. (CSG) failed to disclose in its financial reports certain transactions with CSG subsidiaries in which employees hold shares. The failure to disclose the deals was a violation of Finance Ministry rules.