-
Important news
-
News
-
Shenzhen
-
China
-
World
-
Opinion
-
Sports
-
Kaleidoscope
-
Photo Highlights
-
Business
-
Markets
-
Business/Markets
-
World Economy
-
Speak Shenzhen
-
Leisure Highlights
-
Culture
-
Travel
-
Entertainment
-
Digital Paper
-
In depth
-
Weekend
-
Lifestyle
-
Diversions
-
Movies
-
Hotels
-
Special Report
-
Yes Teens
-
News Picks
-
Tech and Science
-
Glamour
-
Campus
-
Budding Writers
-
Fun
-
Futian Today
-
Advertorial
-
CHTF Special
-
FOCUS
-
Guide
-
Nanshan
-
Hit Bravo
-
People
-
Person of the week
-
Majors Forum
-
Shopping
-
Investment
-
Tech and Vogue
-
Junior Journalist Program
-
Currency Focus
-
Food Drink
-
Restaurants
-
Yearend Review
-
QINGDAO TODAY
在线翻译:
szdaily -> Markets -> 
Capital market cheaters face harsher punishments
    2019-07-29  08:53    Shenzhen Daily

CHINA’S stock market watchdog vowed Friday to change the law to increase prison terms and fines for cheaters in capital markets, following a series of high-profile corporate scandals that burnt investors.

The China Securities Regulatory Commission (CSRC) is working to revise securities and criminal laws as soon as possible in a bid to raise maximum prison terms and fines, the regulator said in a statement on its website.

The CSRC, which has made similar statements in the past, did not give a timetable.

Under the current securities law, a listed company that makes false disclosure is fined up to 600,000 yuan (US$87,232), while the criminal law states those who conceal or intentionally destroy accounting records can be imprisoned for up to five years and fined up to 200,000 yuan.

The CSRC, which made the statement in response to criticism that the cost of cheating in capital markets is too low, said that current laws were too lenient.

The CSRC also said it would severely punish negligent auditors and investment bankers and actively support compensation claims made by victims of crime.

There has been a slew of cases recently involving dishonest disclosures by listed firms in China.

Kangmei Pharmaceutical Co., which overstated cash holdings in 2017 by US$4.4 billion, faked its books for three consecutive years during 2016-2018, the CSRC said in May following an investigation.

In another high-profile scandal, Kangde Xin Composite Material Group Co., a producer of high polymer materials, cooked its books between 2015 and 2018, the CSRC said July 5.

According to the CSRC’s latest disclosure Friday, the regulator has halted reviews of IPO applications for about 30 companies that hired Ruihua Certified Public Accountants.

Ruihua, auditor of Kangde Xin, is currently under investigation by the securities regulator for its role in the company’s information disclosure breaches.

(SD-Agencies)

深圳报业集团版权所有, 未经授权禁止复制; Copyright 2010, All Rights Reserved.
Shenzhen Daily E-mail:szdaily@szszd.com.cn