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Chinese Phone Giant Admits To “Unprecedented Degree” Of Falsified Revenue

zerohedge.com / by Tyler Durden / May 18, 2017 10:30 PM

Fabricating data in China, it turns out, is not only a favorite government pastime. Publicly traded, if state-owned, phone giant Unicom Group fabricated financials relating to 1.8 billion yuan ($261 million) in revenue over a five-year period from 2012 to 2016 – or as the company admitted, it engaged in an “unprecedented degree of falsified revenue.”  This is China we are talking about, where the definition of “unprecedented” is very different from the US.

Lest there be any confusion, Bloomberg further elucidated that Unicom “engaged in organized, cross-departmental faking of financial figures” – according to an internal document leaked to Bloomberg. The disclosure is just another reminder of just how endemic fraud is at both government agencies and various enterprises in China. Recall that back in January, People’s Daily confirmed what everyone had known: the government was officially making up numbers in the rust-belt province of Liaoning, and fabricated fiscal numbers after the local economy was crippled by the commodity crunch.

In a statement provided to Bloomberg, company officials claimed the fraud had a “relatively small impact” on the company and that figures had already been corrected in its financial statements. To assure investors, the company claims it has now strengthened oversight, having sacked 70 managers who were allegedly responsible for the fraud. It has also strengthened its monitoring efforts. Of course, with non-existant government oversight, corrupt auditors and “pay me as you go along” internal supervision, the numbers will remain as cooked as ever.

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