China "red flags" report had errors, but nothing major, Moody's tells HK tribunal

September 11, 2015 3:58 AM

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HONG KONG, Sept 11 Ratings agency Moody's Corp told a Hong Kong tribunal on Friday a report on Chinese companies had some errors, but it stood by the material outcome of the study, which raised concerns about corporate governance at 49 Chinese companies.

Moody's said the errors, however, were not serious enough to warrant a HK$6 million ($774,213) fine by Hong Kong's Securities and Futures Commission (SFC), which said the mistakes were a due serious breach of the due diligence standards.

Also read: China's economy faces overcapacity problems, financial risks rise- Xinhua

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