Fushun Special Steel Inflates Profits Of RMB1.9 Billion By 8-year Consecutiveinancial Fraud

- Jul 17, 2019-

Fushun Special Steel inflates profits of RMB1.9 billion by 8-year consecutiveinancial fraud


Fushun Special Steel received Prior Notification of Administrative Punishment and Markets Off-limits (hereafter "Notification") from China Securities Regulatory Commission on July 8. 2019. After investigation, the supervision department affirmed that there were false records related to financial data in the company's annual reports from 2010 to 2016 and report for third quarter of 2017. Therefore, the supervision department plans to imnose administrative punishment on 45 responsible personnel and forbid the related personnel into market.The Notification showed that, from 2010 to 2017, Fushun Special Steel totally inflated.profits of RMB1.902 billion (USD277 million) in the eight consecutive years and disclosed deficit as surplus in six annual reports from 2010 to 2014 and 2016


 

 

Cangzhou Steel Pipe Group (CSPG) Co., Ltd. is a large-sized, key metallurgic enterprise of Hebei Province in North China, whose history dates back to 1994. CSPG currently em/paces six member companies with products varying from SSAW, LSAW, ERW, seamless steel pipes to 3PE pipes, galvanized pipes, casing pipes, etc. A Joint-stock corporation, CSPG occupies an area of 600,000 square meters with a total asset of $530 million.



Specialized in the production of straight welded pipe spiral pipe galvanized pipe 3PE/3PP/FBE/TPEP internal and external epoxy powder internal and external epoxy resin cement mortar two cloth three oil buried pipeline IPN8710 non-toxic drinking water internal and external plastic coated lining plastic and other anti-corrosion pipe fittings for oil and gas pipeline water conservancy projects



Executive standard :DIN30670 DIN30678 CSA Z245 AFNOR nf49-710/711 NACE rp0394/0490 AWWAC 210/C213GB/T9711 API 5L ISO 3183Material: Q235B/Q355BGR A GR B x42-x80 l245-l555

 

Business scope: 21.3mm-3620mmLSAW submerged arc welded pipe 325-2020mmERW straight welded pipe 6mm-711mmSMLS seamless tube 10-1120mmSSAW spiral steel tube 219-3620mmDemand for quality suppliers and partners