Greater China

China Shipping Group warned by National Audit Office

Beijing: China’s National Audit Office has released an audit report on the state-owned China Shipping Group. It has pointed out in the report that the group has violated several financial regulations.

The report was based on the 2012 financial results of China Shipping Group and its subsidiaries. The group is accused of several violations including false reporting of the company’s benefits, lack of official paperwork for one of its shipbuilding projects and false operations in several ship chartering deals.

The audit office has also criticized the poor management of the group and requested the group to publicly clarify the findings of the report.

China Shipping Group and its listed subsidiaries have announced that they have started to rectify the problems and improve operations. [24/06/14]

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