Jiangxi Copper required by CSRC to rectify violations

Jiangxi Copper announced that it has received a letter from the China Securities Regulatory Commission (CSRC), which required the company to rectify violations in financial accounting, use of raised funds, corporate governance and internal control.

The letter said that the company violated accounting standards as it failed to recognize deferred income tax assets when it made up production safety reserves in 2011, which consequently led to a difference of CNY 31.5 million (USD 5.05 million) in its 2011 profit.

Jiangxi Copper was required to submit a rectification report in 30 days upon receiving the letter.

Source (Chinese): Shanghai Stock Exchange via BrightWire News.