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. (For more biz stories, please visit Industry Updates)
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