14
Feb
02:32
Tianjin Port exposes major internal fraud
According to a 12 February announcement by Tianjin Port, an investigation by its wholly-owned subsidiary Coke Terminal of Tianjin Port has uncovered a case of employee corruption. This has resulted in CNY 153.9 million ($22.06 million) of company money being syphoned off, Kallanish notes.
The 2019 first half report shows that Coke Terminal owned net assets of CNY 663 million so the amount of corruption equated to nearly one quarter of its total net asset…
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