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 worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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