BIZCHINA / Listed Companies |
Shanghai Diesel censured by regulator over stock investmentsUpdated: 2007-01-19 15:24 Shanghai Diesel Engine Co Ltd, a unit of Shanghai Electric Group Co Ltd said it has been censured by the securities regulator for improperly investing up to 900 million yuan (US$115 million) in the stock market and asset management products. The company said the local branch of China Securities Regulatory Commission
found that it has invested up to 400 million yuan in asset management products
without board approval, shareholder approval, or disclosure. It was also found
to have used up to 500 million yuan to subscribe to new share offerings, beyond
the limit authorized by the board. The company has already recovered the funds
and obtained some gains, Shanghai Diesel said in a
statement. (For more biz stories, please visit Industry Updates)
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