Alleged irregularities push COSCO shares down

Shares of COSCO dropped as much as 3.5 percent to S$1.96 following negative publicity.

According to Reuters, Xinhua news agency reported that China's National Audit Office audited the financial statements of 17 SOEs, including COSCO's parent company, and found several irregularities and disciplinary violations.

Meanwhile COSCO said on Monday it had not been implicated in an audit report on Chinese state-owned enterprises.

View the full report here.

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