Skip to content
Brand AI

CITIC Guoan Group

Controversies

Controversies tied to this brand in public sources. A listing is not a finding of fault.

Back to profile1 entries

  1. 2019

    RMB 1 Billion Financial Fraud Draws Maximum Penalty; Group Debt Default Leads to Restructuring

    CITIC Guoan inflated profits by about RMB 1 billion and made false disclosures; in 2021 it was given the maximum penalty by the CSRC, and responsible persons including Li Shilin were warned and fined. Major shareholder CITIC Guoan Group defaulted on debt in 2019; for information disclosure violations it was suspended by NAFMII from debt financing business for two years, underwent substantive consolidated restructuring in 2022, and in 2023 a court approved the restructuring plan, with CITIC Group taking over. Fines, restructuring.

    Source