CSRC finds irregularities at Sainty Marine

CSRC finds irregularities at Sainty Marine

Financially troubled shipyard Sainty Marine has announced that it has received a warning notice from the Jiangsu supervision branch of China Securities Regulatory Commission (CSRC), amid an ongoing investigation by the commission.

In the notice, CSRC said it has found several major accounting mistakes in the yard’s annual financial report for 2014, which led to false financial data.

The commission has requested Sainty Marine to file an explanation report before September 30.

Sainty Marine has admitted the mistakes in the financial results, and said it will comply with the investigations by CSRC and is willing to take the punishments.

The company said it is facing the risk of delisting if the commission finds major illegal activities in the investigation.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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