I do believe Chinese companies are taken advantage of out of pure naivety. The Chinese government should be interested in that possibilities. China needs an oversight authority that understands fact, ethics and legal standing.
October 1, 2015
In the culmination (click here) of a long, sordid story of deception and self-dealing, and a classic case of Chinese "guanxi," the U.S. Securities & Exchange Commission announced on Wednesday, September 30th that it had reached a $55 million settlement with Focus Media and CEO Jason Jiang. The settlement involved an investigation into violations of Section 8A of the Securities Act of 1933, in specific relating to failure to adhere to disclosure and reporting requirements regarding M&A activity.
The settlement calls for Focus Media to pay more than $34 million in penalties, and the firm's CEO Jason Jiang to cough up a total of $21 million including disgorgement and interest.
The company has been selling fraud.
August 14, 2012
...FMCN (click here) has been fraudulently overstating the number of screens in its LCD network by approximately 50%....
As China unwinds what has occurred over the past year in their markets, it may very will find government overseeing its companies may be a good idea.
October 1, 2015
In the culmination (click here) of a long, sordid story of deception and self-dealing, and a classic case of Chinese "guanxi," the U.S. Securities & Exchange Commission announced on Wednesday, September 30th that it had reached a $55 million settlement with Focus Media and CEO Jason Jiang. The settlement involved an investigation into violations of Section 8A of the Securities Act of 1933, in specific relating to failure to adhere to disclosure and reporting requirements regarding M&A activity.
The settlement calls for Focus Media to pay more than $34 million in penalties, and the firm's CEO Jason Jiang to cough up a total of $21 million including disgorgement and interest.
The company has been selling fraud.
August 14, 2012
...FMCN (click here) has been fraudulently overstating the number of screens in its LCD network by approximately 50%....
As China unwinds what has occurred over the past year in their markets, it may very will find government overseeing its companies may be a good idea.
