FILE PHOTO: An advertising board (L) showing a Chinese stone lion is pictured near an entrance to the headquarters (R) of China Securities Regulatory Commission (CSRC), in Beijing, China, September 7, 2015. Photo: REUTERS

Police arrest Kangde Xin’s major shareholder in a show of force to support regulator’s crackdown on corporate malfeasance

  • Police arrested Zhong Yu, the major shareholder and former chairman of Kangde Xin, after its auditor refused to sign off on the listed company’s cash position
  • Kangde Xin, which defaulted on two bonds worth 1.6 billion yuan in December, claimed to have 12.2 billion yuan of cash
Topic |   Financial regulation

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FILE PHOTO: An advertising board (L) showing a Chinese stone lion is pictured near an entrance to the headquarters (R) of China Securities Regulatory Commission (CSRC), in Beijing, China, September 7, 2015. Photo: REUTERS
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