China’s Kangmei Pharmaceutical Fined $84,600 for $12.6 Billion Accounting Fraud

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www.caixinglobal.com/2020-05-15/kangmei-pharmaceutical-fined-84600-for-126-billion-fraud-101554230.html

Kangmei Pharmaceutical Co. Ltd., the Chinese drugmaker marred by a financial fraud scandal, was fined 600,000 yuan ($84,600) by top securities regulators for inflating revenues and fabricating bank deposits.

Fines ranging from 100,000 yuan to 900,000 yuan were imposed on 21 Kangmei employees for their roles in the violation, the China Securities Regulatory Commission (CSRC) said Thursday. Six executives were banned from working for listed companies or companies in the securities industry for periods ranging from 10 years to life.

(PosterNote: The boss was arrested recently and reportedly will be sentenced to “2+ years in prison”, who repeatedly claimed it’s no fraud just accounting errors.)

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