8年造假欺诈 亿利洁能案暴露资本市场多重顽疾

Core Viewpoint - The case of Yili Clean Energy Co., Ltd. (referred to as "Linen 5") highlights the regulatory stance of "delisting does not exempt from liability" and emphasizes the need for stronger oversight of listed companies and their auditors [1][3]. Group 1: Regulatory Actions and Penalties - Yili Clean Energy was fined 375 million yuan for long-term financial fraud and fraudulent bond issuance, potentially setting a record for penalties against a delisted company in China [1][2]. - The penalties include 210 million yuan for Yili Clean Energy, with the controlling shareholder and 29 responsible individuals facing severe fines and market bans [3]. Group 2: Financial Misconduct Details - From 2016 to 2023, Yili Clean Energy engaged in financial fraud, including inflating profits by over 125 million yuan, assets by over 11 billion yuan, and revenues by over 13 billion yuan [2]. - The company also failed to disclose non-operational fund usage by its controlling shareholder, which amounted to 3.906 billion yuan [2]. Group 3: Governance and Audit Failures - The internal governance of Yili Clean Energy was ineffective, allowing the controlling shareholder to manipulate the company for personal gain, indicating a failure in the board and audit committee's oversight [4]. - The auditing firm, Crowe Horwath, issued unqualified audit reports for seven consecutive years despite the ongoing fraud, raising concerns about their diligence [5]. Group 4: Systemic Issues and Recommendations - The case reveals systemic issues in corporate governance, audit practices, and the existence of a fraudulent industry chain involving third parties [4][5]. - Experts recommend strengthening regulatory frameworks, enhancing investor protection mechanisms, and improving the accountability of auditing firms and third-party collaborators [6][8].