Hong Kong Watchdog Seeks to Liquidate China Metal Recycling
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Hong Kong’s securities regulator said it’s seeking to liquidate China Metal Recycling Holdings Ltd., once ranked the nation’s biggest scrap metal recycler, after finding evidence the company fabricated sales.
The Hong Kong-based company, which counted China’s biggest steelmaker among its customers, inflated the size of its business to gain a listing in 2009, the Securities and Futures Commission said yesterday in a statement. The regulator said it obtained court orders to appoint provisional liquidators.