The steelmaker was fined 600,000 yuan and 45 of its executives were named, shamed and received individual fines. Photo: Fushun Special Steel
Chinese steelmaker that cooked the books shows struggle to revive rust belt
- Shanghai-listed Fushun Special Steel was found to have fabricated financial numbers including for its inventory, earnings and fixed-asset investments
- Regulator fined the company US$87,200, named and shamed 45 of its executives and slapped individual fines on them too
Topic |
China economy
The steelmaker was fined 600,000 yuan and 45 of its executives were named, shamed and received individual fines. Photo: Fushun Special Steel
Northeast China is home to many state-owned industrial giants. Photo: Reuters
Economic improvement in China’s northeast rust belt is just skin deep as state firms continue to bleed
- Liaoning reported 6.1 per cent growth in the first quarter of 2019
- But its state-owned industrial giants continue to haemorrhage funds
Topic |
China economy
Northeast China is home to many state-owned industrial giants. Photo: Reuters