China Business Post (Caijing Shibao) Newspaper Suspended for Three Months for Problematic Reporting

China's first business and financial weekly newspaper "China Business Post" (Caijing Shibao) is being suspended from publishing for three months due to a problematic July report it was announced today. The formal announcement said that an internal reorganization will be carried out before publication can resume. It is being reported that the said erroneous coverage was the Business and Financial Times' July 11 report "The Truth of Agricultural Bank of China's Changde Branch's Misappropriation of 4,600,000,000."

The announcement said that the concerned oversight authorities had determined that the Business and Financial Times had violated relevant media regulations regarding proper interview procedures and rules about contacting the subjects of "serious and sensitive" reports without first notifying the subjects and allowing them the opportunity to respond to the allegations.

It is believed that the "enterprise report" referred to in the formal announcement involves the inside story of the misappropriation of a large amount of funds by the Agricultural Bank of China's Changde Branch for misuse by the Great Wall Capital Management Corporation's Changsha Office. The fraudulent activity included the illicit duplication of an official company seal, the cutting-and-pasting altering and other fraudulent means of altering official government documents, and the doctoring of canceled documents from the industry and commerce bureau, peoples court, public security bureau, accounting firm, and otherwise cover up the illicit financial activity.

The China Business Post is a relatively influential newspaper in the business and financial fields. It is published by Hong Kong's SEEC (Securities Exchange Executive Commission) Media Group.


The China Business Post Formal Announcement:

Due to a manipulated business report in July of this year that has been deemed by officials to have violated several media regulations, the China Business Post newspaper has been suspended from publishing for three months while it undergoes an internal reorganization.

We are presently reviewing with concerned official organizations the circumstances behind this report.

Although in the short-term we will not be able to operate normally and serve you our readers, we will redouble our efforts and repay you by working even harder.

We especially want to inform our subscribers that we guarantee to suitably compensate you.

And regarding our advertisers and business partners, we hereby pledge to accord with all national laws and contractual obligations.

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