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Police launch assets investigation into steel company


Post Date: 10 Sep 2015    Viewed: 744

Police with north China's Shanxi Province have started an investigation into the province's largest private iron and steel enterprise, local authorities said Monday night.

According to a notice of the Yuncheng City government, Haixin Iron and Steel Group, which has filed for bankruptcy, had around 6 billion yuan (970 million U.S. dollars) in its account as of November last year based on the audit report. However, the debt claims of 752 creditors totalled 23.4 billion yuan as of this May.

Police and relevant departments are reviewing the company's audit report and asset assessment, fund flow and personal assets of major sponsors to check if there were concealed or illegal transfers of the company's assets, the notification said.

The authorities have banned two major sponsors of the company from leaving the country.

The production at Haixin was suspended in March 2014 due to overcapacity in a stagnant market, tightened credit and management issues. The company filed bankruptcy in November for reorganization.


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