Chinese firm Yabait fined heavily by CSRC for forgery, fraud | Pakistan Today

Chinese firm Yabait fined heavily by CSRC for forgery, fraud

  • The firm had claimed it had earned Rs 2.5bln from Multan Metro Bus

LAHORE: The China Securities Regularity Commission (CSRC) has imposed a fine of nine lakh RMB on the Chinese firm Yabait for its forgery and fraud, says a press release issued here Thursday.

It may be mentioned here that this is the largest amount of fine imposed under the Chinese law.

The company had around four months earlier claimed that it had earned Rs 2.5 billion from the Multan Metro Bus and sent it to China.

After the claim of Yabait, some circles in Pakistan including a TV channel and the Pakistan Tehreek-e-Insaf (PTI) used this false claim for character assassination of the Punjab chief minister after the claim made by Yabait.

The Punjab government held a detailed inquiry and it was transpired that any company with the name of Yabait did not work in Multan Metro Bus. It was also verified that any of the project contractors had not acquired the services of any company with this name.

The Punjab government gave a befitting reply to the campaign of the PTI and ARY.

Chief Minister Shehbaz Sharif talked to the media and sent a defamation notice to ARY whose reply is still awaited.

It may be added here that Chinese government did heavy fine to the chairman of the company and also imposed a life ban on his taking part in securities markets.

Meanwhile, the other officials of Yabait company were also sentenced to their exclusion from the market along with other sentences. Meanwhile, Yabait company has accepted its crime through a letter and accepted the sentence given by the Chinese government and admitted that the money sent to China by it has no connection with Multan Metro Bus and this letter is available at company’s website.

On the other side, the CSRC has said on the role of Yabait that it is a serious case of financial fraud committed by any public company.

Related posts