Sinopec Subsidiaries Inflated 2014 Revenue By $3.04B

Reuters

BEIJING, June 30 (Reuters) - Subsidiaries of China's second-largest energy company Sinopec inflated their 2014 revenue by 20.2 billion yuan ($3.04 billion), according to a report published by China's auditing department.

Twelve subsidiaries of Sinopec Group, the parent of Sinopec Corp, have manipulated their financial reports by creating fake invoices of fuel sales, among other discrepancies, the report from the China National Audit Office published on Wednesday said.

(Reporting by Meng Meng; Editing by Christian Schmollinger)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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