HK firm loses appeal for forex violation
Print Edition
A HONG Kong company became the first overseas-invested company in Shanghai to be fined for foreign exchange violations, the Shanghai Pudong New Area People’s Court said yesterday.
Yuji International Trading (Shanghai) Co Ltd which deals in information technology, was fined 980,000 yuan (US$158,064) for breaching foreign exchange rules to buy an office in Shanghai for commercial use.
Yuji International applied to a local bank for the settlement of US$2.26 million in January last year to purchase an used apartment in Pudong New Area. It was later found that the apartment had been rented out to another company as an office with Yuji International collecting the rental fees.
According to the Chinese foreign exchange management rules, settled foreign capital can only be spent on non-commercial transactions in areas other than the settlers’ business.
In this case, Yuji International can use settled money to buy an office for its own use, but not for rent or sale.
So the local branch of the State Administration of Foreign Exchange in September last year ordered Yuji International to pay 980,000 yuan fine for breaking the rules.
Yuji International filed an appeal in the Pudong court, but the court yesterday backed the administration, making the Yuji the first overseas company in Shanghai to be punished for violating foreign exchange rules.
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