China regulatory body cracks whip on errant shareholders
SHANGHAI/BEIJING (CHINA) – As many as 38 corporate investors accused of flouting rules have been named and shamed by Chinese regulators on Saturday.
According to the China Banking and Insurance Regulatory Commission (CBIRC), the disclosures were made to curb financial risks and enhance corporate governance. It added that such exercises would be regularly repeated.
Lapses on the part of Anbang Insurance Group, which the government seized in 2018, led to the authorities intensifying scrutiny. The firm’s chairman Wu Xiaohui, was prosecuted for economic crimes.
CBIRC named the 38 shareholders for violating regulatory ownership rules, using unqualified sources of funding, fabricating materials, or raking in profits through illicit transactions, the regulators said.
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field