Yongcheng Coal and Electricity Holding Groupand its executives were fined RMB 5.3 million ($820,000) for financial fraud after the coal producer’s high-profile default last year rattled the bond market, reported Caixin.
Yongcheng Coal received an administrative penalty from the China Securities Regulatory Commission (CSRC) July 27 over disclosure violations including inflating funds in its financial statements by RMB 86.1 billion ($13.3 billion).
The state-owned company received a warning from the regulator and was fined RMB 3 million, and six executives were penalized a total of RMB 2.3 million, the company said in a filing with Shanghai Clearing House.