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China Regulator Fines Parent Of BMW Partner Over False Accounting
(Nikkei Asia) China’s securities regulator has fined Huachen Automotive Group Holdings and a group of current and former executives almost $9 million over false and incomplete disclosures made during bond sales by the bankrupt corporate parent of BMW’s local joint venture partner.
Last week, Brilliance China Automotive, BMW’s Hong Kong-listed partner, revealed that it had discovered that subsidiaries had guaranteed 5.89 billion yuan ($905.91 million) in Huachen bank borrowings without authorization.
The latest disclosures involve two Shanghai-listed units of Huachen, car parts maker Shenyang Jinbei Automotive and Liaoning Shenhua Holdings, an auto distributor and retailer. ....

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