Bankrupt Chinese shipbuilder Sainty Marine has announced that the China Securities Regulatory Commission has fined the company for several irregularities on the stock market, with two former officials of the company also receiving punishment.
Sainty Marine has been fined RMB600,000 ($92,600) for not disclosing several transactions it had with Mingde Heavy Industry, which went bankrupt in 2015, and related inflated income.
Wang Junmin, former general manager of Sainty Marine, has been banned from the securities market for life, while Cao Chunhua, former chief financial officer of the company, has been banned from the securities market for five years. Wang and Cao, who both quit from Sainty Marine in 2015, each received a fine of RMB300,000 ($46,300).
Nanjing Intemediate People’s Court held an auction for the entire assets of Sainty Marine in April, however the auction failed to attract any bidders.