China: China Blacklists Six Executives Linked to $4.2 Billion Fraud

China’s securities regulator blacklisted six executives for their role in a $4.2 billion accounting scandal at Kangmei Pharmaceutical Co., one of the country’s biggest drugmakers.

The ban includes Kangmei’s chairman at the time and five others, who won’t be allowed to participate in the securities market or take positions as executives or board members at any listed company for at least 10 years, Kangmei said in a stock-exchange filing. The China Securities Regulatory Commission also ordered the company, a producer of traditional Chinese medicines, to pay a 600,000 yuan ($84,510) fine.

CSRC Chairman Yi Huiman said the regulator would spare no efforts in cracking down on financial fraud at listed companies, according to a China Central Television report Friday.

The full original article can be found at bloomberg.com

(Photo: IC Photo)

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