Enquire: +86-571-88225041
Email: aluinchina@hotmail.com
Your Location > Home > News & Market >Domestic News > Chalco Clears Shandong Aluminium Fraud Report
Today' Focus
-
Hangzhou Jinjiang Group's general manager Zhang Jianyang, vice general manager Sun Jiabin and their team had attended the SECOND BELT AND ROAD FORUM FOR INTERNATIONAL COOPERATION, they also attended the signing ceremony of comprehensive strateg...
International News
Domestic News
Domestic News
Chalco Clears Shandong Aluminium Fraud Report
- China Aluminium Network
- Post Time: 2008/4/16
- Click Amount: 812
-
The Aluminum Corporation of China Ltd. (Chalco) cleared a Chinese report that its subsidiary Shandong Aluminum Company had committed financial fraud.
21st Century Business Herald published a report over the weekend that Shandong Aluminum had falsified 240 million yuan of projects investing since listing on the Shanghai Stock Exchange in June 1999.
The report said Shandong Aluminum announced a combined pre-tax profit of 146 million yuan in its 2000 annual report and had completed construction on five major projects. However the fact is that it had not completed construction on any of the five projects before the announcement.
Chalco responded that the report contains misleading information, and that Shandong Aluminum has always been following laws and regulations relating to its use of proceeds, financial independence and connected transactions.
Chalco, acquired a 71.43% stake in Shandong Aluminum in September 2001, has assigned international and domestic accountants to audit Shandong Aluminum's annual finances, but no evidence of fraudulent activities has been discovered.
Source:
- Copyright and Exemption Declaration :①All articles, pictures and videos that are marked with "China Aluminum Network" on this website are copyright and belong to China
Aluminium Network (www.alu.com.cn). When transshipment, any media, website or individual must list the source from "China
Aluminium Network (www.alu.com.cn)". We seek legal actions against anyone that disobey this.
②Articles that marked as copy from others are for transferring more information to readers, do not represent or endorse their opinions or
accuracy and reliability. When other media, website or individuals copy from our website, must keep the source. Anyone that changes the
articles' sources will hold the responsibilities for copyright and law problems. We also seek legal actions against anyone that disobey
this.
③If any articles copied by our website concern the copyright and other problems, please contact us within one week.
