Home Business The China Securities Regulatory Commission deploys special enforcement actions to combat financial fraud and other serious violations

The China Securities Regulatory Commission deploys special enforcement actions to combat financial fraud and other serious violations

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China News Agency, Beijing, July 16 (Reporter Xia Bin) Liu Yongqiang, deputy director of the Inspection Bureau of the China Securities Regulatory Commission, said at a press conference in Beijing on the 16th that the China Securities Regulatory Commission has concentrated on deploying special law enforcement actions to combat financial fraud, capital appropriation, and For serious illegal acts such as illegal guarantees, market manipulation, and insider trading, 16 major typical cases were investigated and dealt with strictly and promptly in accordance with the law. At present, the relevant investigation work has been fully launched.

According to reports, the 16 cases mainly involved four aspects. The first is a case that severely eroded the foundation of market integrity and undermined the seriousness of the information disclosure system. Including the implementation of systematic financial fraud through fictitious inventory and trading business, the abuse of accounting standards and accounting policies to inflate profits, and the use of various methods to whitewash company performance. Individual companies have repeatedly involved in violations of the law, and a small number of directors, supervisors, and senior executives violated their loyalty obligations to the company, organized and planned financial fraud to cover up misappropriation of funds.

The second is a case that seriously infringed on the interests of listed companies and affected the improvement of the quality of listed companies. Including the actual controllers of listed companies, major shareholders, etc., occupying the listed company’s funds for a long time and huge amounts of illegal guarantees, etc., some occupying the listed company’s funds to repay bank loans and redeeming bills, and some privately engraved official seals in the name of the listed company to provide the actual controller in violation of regulations guarantee.

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The third is a case that seriously undermines the principle of fair trade and harms the interests of investors. Including the actual controllers and major shareholders of listed companies in the name of market value management, colluding with private equity institutions, traders, allotment intermediaries, etc., to use their capital and shareholding advantages to drive up the company’s stock price; after major shareholders of listed companies learn about the company’s performance loss information Sell ​​stocks in advance to avoid losses; individual listed companies have repeatedly engaged in insider trading when planning major events.

The fourth is a case of serious deviation from professional ethics and loss of the role of “gatekeeper”. Including that the relevant audit institutions of listed companies unilaterally rely on the company to provide information, engage in “accounting” audits, fail to implement adequate audit procedures for fraud risk matters, and even negotiate the types of audit opinions with listed companies in advance. (Finish)









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