China detains solar executives for fraud

Chinese authorities in August detained three executives at China Solar Energy Holdings (0155.HKG) for alleged “fraudulent acts,” The Wall Street Journal reported, citing a stock exchange filing on Friday. The solar-equipment manufacturer is the latest company in China to be swept up in a nationwide anti-corruption drive. Based on an internal investigation, China Solar said it never fully paid up the registered capital of two Chinese subsidiaries. In China, companies with foreign investment must hold a minimum amount of registered capital to obtain financing and do business with other companies.