Lai moching mary sec registration Charges Agria Corporation and Executive sầu Chairman With Fraud


Washington D.C., Dec. 10, 2018 —

A multinational agricultural company has agreed to pay $3million to settle charges that it concealed substantial losses from investors through fraudulent accounting in connection with its divestiture of its primary operating entity. In a related action, the company’s executive chairman Lai Guanglin (aka Alan Lai) settled charges that he manipulated the company’s nói qua price.

As described in the’s order, Agria Corporation sold its Chinese operating company in return for stoông xã và l& use rights lớn 13,500 acres of undeveloped land in a remote, mountainous area of China’s Shanxi Province. The order found that Agria overstated the value of the stoông xã it received by $17 million & assigned a value of nearly $60 million to lớn the effectively worthless lvà use rights. A separate order found that in March 2013, Lai used nominee brokerage accounts khổng lồ engage in manipulative sầu trading in Agria’s American Depository Shares in order khổng lồ inflate their price above $1 & prevent the hozo.vnurities from being delisted by the New York Stoông xã Exchange.

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“Agria’s fraudulent accounting hid from investors the significant loss it sustained when it divested its principal operation in Trung Quốc, and Mr. Lai artificially inflated the tóm tắt price lớn maintain Agria’s NYSE listing,” said Charles E. Cain, Chief of the Enforcement Division’s FCPA Unit.

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“Disclosure of accurate information is vital khổng lồ the integrity of our markets, & both Agria and Mr. Lai have sầu been appropriately held to lớn account for their deceptive sầu misconduct.”

The’s order found that Agria violated antifraud, reporting, books & records and internal accounting control provisions of the federal hozo.vnurities laws. Without admitting or denying the findings, Agria agreed lớn pay a $3 million penalty & cooperate with the Commission’s staff in future investigations. The’s order as to Lai found that he violated antifraud provisions of the federal hozo.vnurities laws. Without admitting or denying the findings, Lai agreed to pay a $400,000 penalty và be barred for a period of five sầu years from acting as an officer or director of any public company.

The’s investigation was conducted by David Kagan-Kans, Michael Catoe, M. Shahriar Masud, & Kristen Dieter, và supervised by Robert I. Dodge. The appreciates the assistance of the New York Stoông xã Exchange Regulation and the Financial Industry Regulatory Authority.

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