According to Bloomberg, China’s securities regulator blacklisted six executives for their role in a $4.2 billion accounting scandal at Kangmei Pharmaceutical Co., one of the country’s biggest drugmakers.
- What did the executives do?
- What did the firm admit to that allowed the fraud to occur?
- What was the problem with the fine ordered for the executives?
- How much does the fine amount to in U.S. dollars?
- What has happened to Kangmei Pharmaceutical Company’s stock since the announcement of the financial fraud investigation?
Bloomberg Staff. (2020). China blacklists six executives linked to $4.2B fraud. Accounting Today, May 15 (Retrievable online at https://www.accountingtoday.com/articles/china-blacklists-six-executives-linked-to-4-2b-fraud?)