Sinovel faces China criminal probe

The China Securities Regulatory Commission (CSRC) has launched a criminal investigation against Chinese wind turbine manufacturer Sinovel for suspected violation of securities laws.

Sinovel revealed the probe in a statement to the Shanghai Stock Exchange (SSE).

Sinovel did not reveal further details, other than to say that it would co-operate with the investigation.

The news sent shares in Sinovel plunging almost 10% at the close of trading in Shanghai today.

Sinovel first revealed it was the subject of inquiries by the Chinese regulators last May.

The criminal probe is the latest of several legal fronts on which Sinovel – formerly China’s biggest supplier of wind turbines and at one stage the global number-two – finds itself fighting.

In June a US grand jury Log in to read complete article.

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