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.

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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