Securities Regulatory Commission: Wu Hougang, Chairman of Swertia Island, is banned from entering the market for life

category:Society
 Securities Regulatory Commission: Wu Hougang, Chairman of Swertia Island, is banned from entering the market for life


On the evening of July 10, Swertia Island Group Co., Ltd. (002069, hereinafter referred to as Swertia Island) received the China Securities Regulatory Commission prior notification of administrative penalties and market ban (penalty word [2019] 95), and announced that the SFC would impose administrative penalties on 24 people, including Wu Hougang, chairman of Swertia Island, and adopt them. Market prohibition measures.

The announcement said that the internal control of Swertia Island was seriously flawed due to suspected financial fraud. Its annual report for 2016, annual report for 2017, announcement on the final inventory of bottom-sown shrimp scallops in 2017 and announcement on write-off of assets and preparation for stock price reduction were suspected of false records. Zhangzi Island in 2017 recorded an area of 57.9 million mu more than the real situation. In addition, some of the actual harvested sea areas in 2016 were transferred to carry-over costs in 2017, resulting in a false increase in business to 61.5903 million yuan in 2017. In February 2018, Swertia Island received an investigation notice from the CSRC. Because of the companys suspected information disclosure violations, according to the relevant provisions of the Securities Law of the Peoples Republic of China, the CSRC decided to file a case for investigation. Source: Xiao Qi_N6799, responsible editor of Pengwei News

The announcement said that the internal control of Swertia Island was seriously flawed due to suspected financial fraud. Its annual report for 2016, annual report for 2017, announcement on the final inventory of bottom-sown shrimp scallops in 2017 and announcement on write-off of assets and preparation for stock price reduction were suspected of false records. Zhangzi Island in 2017 recorded an area of 57.9 million mu more than the real situation. In addition, some of the actual harvested sea areas in 2016 were transferred to carry-over costs in 2017, resulting in a false increase in business to 61.5903 million yuan in 2017.

In February 2018, Swertia Island received an investigation notice from the CSRC. Because of the companys suspected information disclosure violations, according to the relevant provisions of the Securities Law of the Peoples Republic of China, the CSRC decided to file a case for investigation.