Aeolus Tyre fined for falsifying 2011, 2012 financials

In a Chinese-language statement submitted to the Shanghai Stock Exchange on 9 January, Aeolus Tyre Co. Ltd reports that the Henan office of the China Securities Regulatory Commission has fined the company for falsifying its financial results for the 2011 and 2012 fiscal years.

The China Securities Regulatory Commission began investigating these alleged incongruities in late 2013, and found reported and actual profits differed by CNY 7.59 million (£816,000) in 2011 and by CNY 20.02 million (£2.15 million) in 2012. The tyre maker respectively reported net income of CNY 234 million and CNY 275 million for these two years.

The Chinese-language report can be downloaded here.