China Securities Regulatory Commission (CSRC) has started investigations into financially troubled Dandong Port for alleged violations of securities laws.
Dandong Port was hit with financial issues in last year and was involved in a series of bond and loan defaults. The total liabilities of the port amount to around RMB37bn ($5.44bn).
Currently, most assets of the company has been frozen by the court at request of creditors.
China Lianhe Credit Rating recently decreased the port operator’s creditor rating to the lowest C.
Dandong Port, located on the boarder with North Korea, is a major gateway port in northeast China.