Chinese feed company pays $18m settlement to SEC

The Chinese hog-production and animal-feed company AgFeed Industries agreed to pay USD$18 million to settle allegations of reporting fake revenue from the Securities and Exchange Commission, The Wall Street Journal reported, citing the SEC. AgFeed, currently in Chapter 11 bankruptcy, didn’t admit or deny the allegations in agreeing to the settlement, and five former executives and a former committee chairman still face related SEC allegations. The company, which moved its base of operations to Tennessee after merging with a US company in 2010, was delisted from the Nasdaq Stock Market in 2012 and filed for bankruptcy the following year.