China's Foreign Ministry Confirms Construction Company Fabricated Overseas Project
Dou Shicong
DATE:  Sep 05 2017
/ SOURCE:  Yicai
China's Foreign Ministry Confirms Construction Company Fabricated Overseas Project China's Foreign Ministry Confirms Construction Company Fabricated Overseas Project

(Yicai Global) Sept. 5 -- Construction company Jiangsu Yabaite Technology Co. (Yabaite) [SHE:002323] fabricated an overseas project to inflate its revenue and profit, said Geng Shuang, a spokesman for China's Ministry of Foreign Affairs at a regular press briefing, adding that the China Securities Regulatory Commission will formally sanction the company.

Yabaite forged a letter from Pakistani officials and falsely claimed that it had participated in the Multan bus rapid transit project to inflate its earnings between 2015 and last September, Geng said.

An investigation by the CSRC and relevant Pakistani authorities found that the letter was bogus, with no evidence showing any economic relations or capital movement between Yabaite and Pakistani firms or individuals, China News Service reported yesterday. The CSRC will impose a formal penalty on Yabaite.

The Chinese government has long called on Chinese companies to operate legally and will punish legal and regulatory violations per law, Geng said, adding that China is willing to work with Pakistan to promote a healthy economic partnership.

Yabaite mainly engages in the design, production and installation of metal walls and distributed solar roofs. It was rated as a creditworthy company with an AAA rating (highest) in China, per its website.

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Keywords:   Jiangsu Yabaite Technology,Pakistan,Fake Contract,Ministry of Foreign Affairs