Chinese domestic container shipping major Antong Holdings has announced that the company’s controlling shareholders and some senior managers have been punished by the China Securities Regulatory Commission for violating the securities law.
The company’s two major controlling shareholders, Guo Dongsheng and Guo Dongze, have both been banned from entering the markets for life for several irregularities including untimely disclosure of dozens of major connected transactions and lawsuits the company is involved in. The two brothers have also been fined RMB900k ($127k) each.
The Guo brothers, jointly holding 54.32% shares in Antong Holdings, were involved in an illegal guarantee scandal resulting in more than 30 court cases filed against the company. The total liabilities of the Guo brothers amounts to over RMB8bn ($1.1bn).
Two major subsidiaries of Antong Holdings, Antong Logistics and Ansheng Shipping, are currently in a court-led restructuring process at the request of creditors due to the company’s inability to repay debts.
The Guo brothers have already quit management of Antong last year following a strategic agreement with China Merchants Port Holdings and AVIC Trust.
According to Alphaliner, Antong Holdings operates a fleet of 113 ships with total capacity of around 143,000 teu, making it the second largest domestic containership operator in China after Zhonggu Logistics.