China Securities Regulatory Commission (CSRC) investigated the illegal conduct of Jiangsu YABAITE Science and Technology Co., Ltd., which lied about its business income by fabricating project overseas and making up domestic and foreign trade in construction materials to fake financial statement. CRSC found out that YABAITE falsely reported its newly-added business revenues of 580 million RMB and profits of roughly 260 million RMB by making up its Multan Metro Bus project in Punjab, Pakistan, and its international and domestic trade from 2015 to September 2016.
Subah Bakhair! This decision of the Chinese government to blacklist Yabaite company that was involved in defaming me in Multan Metro Project is not only my vindication and victory of truth but has also added to the prestige and respect of our government & people. Alhumdulillah! pic.twitter.com/dzE0rt4dWO
— Shehbaz Sharif (@CMShehbaz) December 21, 2017
CSRC decides to impose a fine of 600,000 RMB on YABAITE and 300,000 RMB on Lu Yong, the person directly in charge of the company, which are the highest amounts stipulated by the Securities Law, and ban the company from entry into securities market.
Full report could be read at the official platform of CSRC;
http://www.csrc.gov.cn/pub/newsite/zjhxwfb/xwdd/201712/t20171215_328942.html
Lu Yong¸ President Jiangsu YABAITE Science and Technology Co., Ltd. published a public apology on official website, saying “On 15 December 2017, Jiangsu YABAITE Science and Technology Co., Ltd., concerned managers of the company and I received the Decision of Administrative Penalty made by CSRC. I accept the decision made by CSRC made on the company and myself, and apologize to all shareholders and staff of the company. I recognize my misconducts and firmly support supervision authorities to strictly regulate public companies and market order, so as to create a sound legal environment for the positive development of the capital market.” Read Full Text Here:
