Cosco falsifies earnings from 2008-13, China audit finds

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China’s ongoing crackdown on corruption in its vast party apparatus appears to have caught state-owned shipping line Cosco in its net, after a report from the country’s National Audit Office revealed wide-ranging malpractice between 2008 and 2014. Revenues and profits had been falsely declared, while a couple of business units, namely Dalian shipyard and Cosco Logistics, stand accused of “fraudulent activities ranged from operational malpractices, shady deals under the guise of business expansion and bribery among officials”.