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Arrest of chairman adds to company’s controversial history

China Regulator Fines Parent Of BMW Partner Over False Accounting (Nikkei Asia) — China’s securities regulator has fined Huachen Automotive Group Holdings and a group of current and former executives almost $9 million over false and incomplete disclosures made during bond sales by the bankrupt corporate parent of BMW’s local joint venture partner. Last week, Brilliance China Automotive, BMW’s Hong Kong-listed partner, revealed that it had discovered that subsidiaries had guaranteed 5.89 billion yuan ($905.91 million) in Huachen bank borrowings without authorization. The latest disclos...

China Faces Debt Crisis as More State-owned Enterprises Default on Loans News Analysis The debt crisis of China’s state-owned enterprises (SOEs) has been deepening since 2020. Beijing has recently issued a report to address the issue as several SOEs have defaulted on loans in recent months. The State Council of China recently issued the report “The Guideline on Enhancing Debt Risk Control of Local State-owned Enterprises” on March 28. Beijing requires state-owned firms to create the following: a mechanism to identify and monitor debt; a mechanism to control debt; a mechanism to support ...