Regulator May Fine Wuyang Construction Over Forged Accounts
China’s securities regulator has found that Wuyang Construction, a privately owned construction company, forged accounts payable and accounts receivable data, concealed its bad debts and inflated its profits. Photo: Visual China
Wuyang Construction Group Co., which defaulted on bonds totaling 1.36 billion yuan ($212 million) last year, is facing a fine of 40.8 million yuan for forging its accounts in bond prospectuses issued to potential investors.
The China Securities Regulatory Commission (CSRC) announced its intention to impose the penalty in a preliminary ruling, Tebon Securities, the underwriter of the bonds, said in a statement release on Wednesday.
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