Moody’s Investors Service began an appeal Thursday against a decision by the Hong Kong Securities and Futures Commission to fine the company HK$23 million (roughly US$3 million) for breaching unspecified regulations in a July 2011 report that raised corporate governance concerns about 49 Chinese companies, most of them listed in Hong Kong, Reuters reported, citing a ruling by the territory’s Securities and Futures Appeals Tribunal. The case, which the tribunal adjourned to September after a brief procedural hearing, comes amid growing investor scrutiny of Chinese companies as the mainland stock market opens up and short-sell research firms seek to sniff out corporate fraud.
Categories