Chinese scallop farming giant Zhangzidao Group, also known as Zoneco, is under investigation for suspicion of financial fraud, false records and failure to disclose information, reports Xinhuanet.
The China Securities Regulatory Commission (CSRC) intends to impose penalties on Zhangzidao and related personnel, including a fine of CNY 600,000 (€77,400/$87,600).
In addition, Chairman Wu Hougang, Vice President Liang Jun, Secretary-General Sun Fujun, and Chief Financial Officer Lu Rong were each fined CNY 300,000 (€38,700/$43,800) and given market bans of between five and 10 years.
