A report by the Chinese government’s National Audit Office on Sunday has concluded that the COSCO group falsified its earnings reports from 2008 to 2013.
The report found that the company earned RMB 298m (US$48m) worth of revenue more than it had reported in the period from 2008 to 2013. On top of this, the report alleges, costs of RMB169m (US$27m) were left out. In total then, profit was RMB129m (US$20m) less than reported.
The COSCO group includes container terminal operator COSCO Pacific and the world’s sixth biggest container shipping line COSCO Container Lines.