China Ocean Shipping (Group) Co (Cosco) overstated CNY 116m ($26m) of bottom-line profit in 2013, according to China’s National Audit Office (NAO), and serious irregularities have been found at a series of Cosco subsidiaries as well.
Criminal investigations have begun as a result of some findings of the NAO but the auditors have not revealed whether these are targeted at Cosco parent company officials or those of subsidiaries.
