Audit Report: Cosco Cooked Its Books

China’s shipping conglomerate Cosco Group has ended up on the list of companies found to have falsified revenue and profits, according to the country’s National Audit Office.

Cosco, together with 13 other state-run companies, falsified a total of USD 4.8 bln in revenue and USD 3.1 bln in profits, the Audit office said in a report for 2014 released on Sunday, June 28th.

The falsifications in particular relate to the period from 2008 to 2013 when Cosco failed to report USD 48 mln in revenue and a total net profit of around USD 20.7 mln.

What is more, the Audit Office found that some of Cosco’s subsidiaries, including Cosco Dalian Shipyard, were involved in illegal activities and financial irregularities during the said period.

The auditor said that these cases will be investigated by the relevant authorities.

The report also cites shady activities with respect to state lenders which have been found to have issued loans to unqualified borrowers.

The firms that have been caught in malpractices and revenue falsifications include State Grid Corp, China Southern Power Grid Co, Bank of Communications and China Development Bank.

World Maritime News Staff


Share this article

Follow World Maritime News

In Depth>


<< May 2019 >>
29 30 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

CWC World Gas & Power Series – Brazil & the Americas Summit

CWC World Gas & Power Series: Brazil & the Americas Summit is the perfect meeting place to make contacts…

read more >

FPSO Brazil Congress 2019

Charging ahead with 24 planned orders by 2022, Brazil has once again solidified its status as one of the world’s foremost oil and gas leaders…

read more >

Nor-Shipping 2019

Nor-Shipping’s conference and event programme is tailored to deliver the knowledge, value and networking to help you build your business.

read more >