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Report: Cosco falsified financial reports

Cosco Group has allegedly falsified its earnings reports published in the period 2008 to 2013, according to anew report from the Chinese authorities.

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China's biggest shipping conglomerate, Cosco Group, has deleted a sum of USD 48 million from the company's revenue in the period 2008 to 2013, according to a new investigation performed by the country's National Audit Office, reports Seatrade Global.

In addition to the missing USD 48 million, the company has also left out a significant items of almost USD 28 million, which combined means that Cosco Group in reality delivered a net result for the period 2008 to 2013 that was almost USD 21 million lower than officially reported.

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