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Firms fined for lacking state nod
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THE Ministry of Commerce has fined several companies, including foreign firms like Bombardier and Microsoft, for conducting business with their Chinese partners without government approval.
Bombardier, a Canadian manufacturer of high-speed trains and aircraft, was fined 150,000 yuan (US$23,570) for setting up a 125 million yuan joint venture with CSR Nanjing Puzhen, a unit of Chinese trainmaker CRRC Corp, before obtaining government approval, said a statement on the ministry’s website.
Bombardier and CSR Nanjing Puzhen only notified the regulators in December.
Similarly, Microsoft signed an agreement with Shanghai Oriental Pearl Media Co, which has been acquired by BesTV New Media Co, in September 2013 to set up a joint venture in the China (Shanghai) Pilot Free Trade Zone without government approval. They were fined 200,000 yuan each.
Fosun Pharma Industrial Development Co, a unit of Shanghai Fosun Pharmaceutical Group, agreed in 2014 to acquire a 65 percent stake in Suzhou Erye Pharma. But Fosun Pharma bought 35 percent of the Suzhou firm before the government gave its approval. Fosun Pharma was fined 200,000 yuan.
The firms were not available for comment yesterday.
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