Current location:opinions >>
Shanghai real estate company faces $1.2 mln fines for multiple violations
opinions11People have gathered around
IntroductionECNS)-- Shanghai Industrial Development Co. (SIDC) Ltd, primarily engaged in the real estate busines ...
(ECNS)-- Shanghai Industrial Development Co. (SIDC) Ltd, primarily engaged in the real estate business, is facing penalties totaling 8.5 million yuan (about $1.2 million) due to allegations of failure to timely disclose anticipated losses, signing of significant contracts, and suspected of false records in annual reports for six consecutive years.
According to the "Notice of Administrative Penalties and Advance Notice of Market Exclusion" issued by the Shanghai Securities Regulatory Bureau, it was not until Jan. 12, 2022 that SICD disclosed its anticipated losses in an interim announcement, almost one month after it already determined the risk of operating losses due to unrecoverable accounts receivable at its controlling subsidiary Shanghai Shangshi Longchuang Intelligent Technology on Dec. 15, 2021.
In September 2020, SIDC and its wholly-owned subsidiary Shanghai Gaoyang Hotel Co., signed a framework agreement with the Land Development Center of Hongkou District, Shanghai. However, it failed to timely disclose this significant contract.
There were also suspicions of false reports, with a total inflated revenue of 4.722 billion yuan and an inflated total profit of 614 million yuan from 2016 to 2021.
Relevant senior executives are subject to fines. Warnings and fines of 4 million yuan were imposed on Zeng Ming, then legal representative and chairman of SICD, and Cao Wenlong, vice president and Chief Financial Officer, respectively. Other fines were also imposed on then SICD presidents and directors Xu Xiaobing and Tang Jun.
Cao was also banned from entering the securities market for 10 years.
Following the "Notice", SIDC stock prices have fluctuated in recent days.
Tags:
Reprint:Friends are welcome to share on the Internet, but please indicate the source of the article when reprinting it.“International Issue news portal”。http://falklandislands.fivesixgroup.com/content-47c999877.html
Related articles
Ship that caused Baltimore bridge collapse has been refloated
opinionsBALTIMORE (AP) — The container ship that caused the deadly collapse of Baltimore’s Francis Scott Key ...
【opinions】
Read moreShining on World Stage
opinionsContact Us HomeNewsHighlightACWF NewsSocietyWom ...
【opinions】
Read moreMultiethnic Family Lives in Harmony on Grassland
opinionsContact Us HomeNewsHighlightACWF NewsSocietyWom ...
【opinions】
Read more
Popular articles
- Australia, New Zealand send planes to evacuate nationals from New Caledonia
- Retired Principal Promotes 'Red Spirit' via Reading
- Village Official Helps Farmers Escape Poverty by Growing Fruits, Vegetables
- Peng Yan Leads Team in Developing USVs
- Seven sneaky clauses in estate agent contracts that can cost you dear
- La Liga reduces Barcelona's spending cap to €204m
Latest articles
Target to lower prices on basic goods in response to inflation
Highlights of esports matches at 19th Asian Games
La Liga reduces Barcelona's spending cap to €204m
Tianmu Mountain: A Treasure Chest of Flora and Fauna
Strictly star Giovanni Pernice's former partner Rose Ayling
Tianmu Mountain: A Treasure Chest of Flora and Fauna
LINKS
- White House opposes potential stand
- Champions League rules leave teams chasing a moving target in the Bundesliga
- Google announces another round of layoffs as part of 'large scale' restructuring
- Once praised, settlement to help sickened BP oil spill workers leaves most with nearly nothing
- OJ Simpson's remains are cremated in Las Vegas as his lawyer reveals ex
- Kim Kardashian showcases signature curves in tiny black bikini as she inexplicably dives into knee
- IDF forces are accused of beating and torturing captured Palestinians
- What does Europe want from China?
- Banker's son, 22, on trial for 'drowning alcoholic dad in baptism
- Under mounting pressure, Biden opts to press for ceasefire in Gaza