BIZCHINA / Biz Media Digest
Finance: Regulator lists offenders
(Shenzhen Daily)
Updated: 2006-09-28 16:11
The foreign exchange regulator yesterday published its first list of
companies that have violated currency regulations in recent years and
been involved in financial fraud.
More than 400 firms had flouted rules laid out by the State
Administration of Foreign Exchange (SAFE), in some cases by creating
shell companies to obtain foreign exchange and loans and evade taxes,
SAFE said on its Web site. In one such case, an individual had registered
more than 10 shell companies to unlawfully obtain more than 8,000 trade
verification dockets from the regulator involving goods worth US$52
million.
SAFE said it published the list in a bid to improve transparency and
clamp down on financial fraud.
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