China's Securities Watchdog Fines Vanke's CEO for Hiding Data of Earlier Farming Employer
Liao Shumin
DATE:  Jan 29 2019
/ SOURCE:  yicai
China's Securities Watchdog Fines Vanke's CEO for Hiding Data of Earlier Farming Employer China's Securities Watchdog Fines Vanke's CEO for Hiding Data of Earlier Farming Employer

(Yicai Global) Jan. 29 -- The Chinese top securities regulator has punished Zhu Jiusheng, the chief executive of property giant Vanke, for violating the rules laid out for listed companies regarding his former agricultural products-manufacturing employer. 

The Securities Regulatory Commission has given Kondarl Group a fine of CNY400,000 (USD59,337) because the company has not disclosed its annual report for 2017 nor for the first quarter of 2018, the Shenzhen-based company said in a statement. Zhu, who served as a director for the firm, must pay CNY50,000 (USD7,410) in fines, among other 14 former or current executives who will pay between CNY30,000 and CNY50,000.

This is not the first time that Zhu and Kondarl have been criticized for overstepping rules. In February 2015, the Shenzhen Stock Exchange said that the firm failed to hold an annual shareholder meeting in 2015. 

Zhu was appointed as Vanke's president and CEO on Jan. 3, 2018. Zhu meets the legal qualifications to fill the role of a director, supervisor and senior executive, the Shenzhen-based firm said in a statement last May.

Editor: Emmi Laine

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Keywords:   Vanke,Zhu Jiusheng,Kondarl Group