China Gaoxian

China Gaoxian: fined KRW2b ($2.3m) by the Korean financial regulatory, FSS, for exaggerating its cash balance and failing to disclose material facts relating to the Huaxiang project, in its registration statement lodged in relation to its Korean listing. Former Executive Chairman Cao Xiangbin and CFO Raymond Wong have also been fined KRW50m ($58,100) and KRW16m ($18,600), respectively, and have been referred for prosecution in Korea. The company is entitled to file an administrative law suit within 90 days upon receipt of FSS' notice, if it wishes to challenge its fine.