Penalties Imposed on 5 Chinese Companies
The Chinese government has ordered five state companies, including one linked to senior leader Deng Xiaoping’s son, to pay $13.8 million in back taxes, penalties and restitution of illegally earned profits, official reports said Wednesday.
The official New China News Agency said the firms include two conglomerates closed last month as part of an anti-corruption drive--the Kanghua Development Corp. and the China Industry, Commerce and Economy Development Corp. Kanghua was formed under the auspices of Deng Pufang’s China Welfare Fund for the Handicapped.
The other companies were China International Trust and Investment Corp., the leading company for attracting foreign investment; the Everbright Industrial Co., and the China Rural Trust and Investment Corp.
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