Companies fined for false adverts
Print Edition
A FINANCIAL services company has been fined 195,000 yuan (US$30,000) for false advertising, the city’s market watchdog said yesterday.
Shanghai Hongyi Financial Information Service Co, which was set up “several months ago,” claimed on its promotional materials that it employed 350 people and issued more than 300 million yuan in loans.
In actual fact, the company had just 15 workers and its lending volume was less than 10 million yuan, the Shanghai Industrial and Commercial Administrative Bureau said.
Hongyi also claimed to be a holding company for a magnesium ore firm and to have built up long relationships with several banks, including Shanghai Pudong Development Bank.
These claims were also false, the watchdog said.
Meanwhile, Shanghai Dijie Property Development Co was fined 70,000 yuan for making similarly false claims.
In its marketing materials, the company said that its latest development was close to several schools, but that was not true, the bureau said.
By using the schools claims in its newspaper advertisements and posters, the company had deliberately misled potential property buyers, the watchdog said.
Also yesterday, the bureau said that an English-language school in Xuhui District had been punished for using inaccurate and misleading information in a variety of advertising materials.
The branch of Web International English was fined 60,000 yuan for the breach of the city’s advertising legislation, the watchdog said.
The English training school claimed on a poster that one of its IELTS students had enrolled at the University of London. The watchdog did not specify how this was misleading.
The bureau outlined a further six cases of false advertising at a press conference yesterday.
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