Drug firms to face audits in China

5 June 2019

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China’s Ministry of Finance will open up the books of 77 drugmakers as part of an accounts probe that was announced on Tuesday.

This auditing exercise, taking place over the next two months, was prompted by Kangmei Pharmaceutical, a producer of traditional Chinese medicines, overstating its cash position by $4.3 billion, Bloomberg reports.

The 77 pharma companies to be inspected were selected randomly, according to the ministry.

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