Qinchuan Machine Tool Group controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2022
Subsidiary factory director sentenced for bribery and dereliction; company repeatedly received regulatory letters
Liu Yu, former director of Qinchuan Machine Tool's gear transmission factory, accepted bribes totaling about RMB 596,000 over five years and was sentenced for dereliction of duty causing major losses to national interests; in addition, a company employee was fined RMB 30,000 by the Shaanxi Securities Regulatory Bureau for insider trading. The company had received regulatory letters, warning letters, and attention letters for failing to timely disclose government subsidies, entrusted wealth management, related-party transactions, and other matters. Relevant personnel were sentenced or penalized; the company said it had rectified the issues and had no CSRC administrative penalties in the past five years.