Sany says allegation 'malicious slander'
By Richard Fu |
April 21, 2011, Thursday
|
Print Edition
Print Edition
SHARES of Sany Heavy Industry Co tumbled yesterday after online posts alleged that China's biggest machinery maker was involved in commercial bribery.
A person who identified himself as a former Sany employee said in posts on Tuesday that the company allegedly approved more than 5 million yuan (US$765,000) as "commission" to officials at companies across the nation, many of them backed by the central government, during this year's Spring Festival holiday.
The Shanghai-listed company fell 4.3 percent to close at 26.27 yuan after plunging 10 percent at one stage.
The person posted online several photocopies of alleged internal summary tables and approval letters about the funds spent as evidence. The online posts also said Sany had bribed officials at Shenzhen-listed Xinjiang Tianshan Cement for contracts last year. In one case, Sany paid a total of 300,000 yuan to five Tianshan Cement officials to win an 80 million yuan contract.
The authenticity of the photocopies cannot be independently verified.
Sany dismissed the online allegation as "malicious slander," A company spokesman said it has reported the case to the police, and initial investigations showed these "online evidence" was forged. The company will clarify the issue through the stock exchange soon, according to a short message sent to reporters.
Xiang Wenbo, Sany's president, wrote on his microblog yesterday that Sany spent about 1 million yuan for public relations for the Spring Festival.
Some fund managers worry that the allegations may affect Sany's image.
A person who identified himself as a former Sany employee said in posts on Tuesday that the company allegedly approved more than 5 million yuan (US$765,000) as "commission" to officials at companies across the nation, many of them backed by the central government, during this year's Spring Festival holiday.
The Shanghai-listed company fell 4.3 percent to close at 26.27 yuan after plunging 10 percent at one stage.
The person posted online several photocopies of alleged internal summary tables and approval letters about the funds spent as evidence. The online posts also said Sany had bribed officials at Shenzhen-listed Xinjiang Tianshan Cement for contracts last year. In one case, Sany paid a total of 300,000 yuan to five Tianshan Cement officials to win an 80 million yuan contract.
The authenticity of the photocopies cannot be independently verified.
Sany dismissed the online allegation as "malicious slander," A company spokesman said it has reported the case to the police, and initial investigations showed these "online evidence" was forged. The company will clarify the issue through the stock exchange soon, according to a short message sent to reporters.
Xiang Wenbo, Sany's president, wrote on his microblog yesterday that Sany spent about 1 million yuan for public relations for the Spring Festival.
Some fund managers worry that the allegations may affect Sany's image.
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