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Shanghai Jahwa confirms unreported dealing of up to 2.42b yuan with related company
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Shanghai Jahwa United confirmed that it failed to disclose transactions valued up to 2.42 billion yuan (US$397 million) with an affiliated firm, Hujiang Household Chemicals Factory, between April 2008 and July 2013 after a newspaper exposed the irregularity.
The Management Committees of Retired Employees with both Shanghai-listed Jahwa United and its parent company Shanghai Jahwa Group Co hold stakes in Hujiang Chemicals, the company said. The transactions included 1.43 billion yuan worth of purchasing orders from Hujiang Chemicals and 980 million yuan of sales.
Shanghai Jahwa said in a stock exchange filing yesterday that it would set up an independent inspection mechanism and that it will report these dealings to shareholders promptly in the future.
Jahwa Group's Retired Employees' Management Committee initially held 10 percent of Hujiang Chemicals while Jahwa United's Retired Employees' Management Committee held 15 percent. They gradually increased their stakes in Hujiang Chemicals to 15 percent and 33 percent by 2012, respectively.
The two committees were dissolved in May after the dealings were first exposed by 21st Century Business Herald this year and their stakes were sold back to Hujiang Chemicals.
Jahwa's announcement yesterday came after it received a rectification demand from the Shanghai Bureau of the China Securities Regulatory Commission in late November. It also received an investigation notice from the CSRC and no official notice has been given regarding the investigation up till now.
The investigation of CSRC is also part of the commission's efforts to push for improved listed companies' information disclosure and transparency.
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