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Mintz Group

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business3 years ago•2 min saved

China Imposes $1.5 Million Fine on Mintz in Crackdown on Consulting Firm

China has fined US firm Mintz Group approximately $1.5 million for conducting "unapproved statistical work" without seeking and obtaining approvals, according to the Beijing Municipal Bureau of Statistics. The bureau confiscated the firm's "illegal proceeds" and imposed an administrative penalty, resulting in the total fine. Mintz Group has 60 days to file an appeal and six months to file an administrative suit. This comes after Chinese authorities raided Mintz's Beijing office in March and detained all five local staff, as part of a broader crackdown on consultancy and due diligence firms. The crackdown has raised concerns about China's openness to foreign investment and damaged investor confidence.

via Yahoo Finance|

#beijing #business #china

business3 years ago•4 min saved

Mintz Executives Depart Hong Kong Following China Raid.

Some Hong Kong-based staff with U.S. consultancy Mintz Group have left the city after the firm's Beijing office was raided by Chinese police in March. The relocations over the last couple of months are meant to be a temporary measure to ensure staff safety, given the uncertainty of the Chinese police probe. Investigations by Chinese authorities into Mintz, as well as U.S. management consultancy Bain & Co and mainland consultancy Capvision Partners, have sent a chill through companies that deal with China.

via Reuters|

#business #china #corporate-investigations

business3 years ago•1 min saved

US Firm Staff Detained in Beijing Raid by China.

Chinese authorities raided the Beijing office of New York-based due diligence firm, Mintz Group, and detained all five of its local staff members without notice. The company has requested the authorities release its employees and is ready to work with them to resolve any misunderstanding. The raid comes amid tense relations between the US and China, following the incursion of a Chinese spy balloon in US airspace last month and US allegations that China is considering providing Russia with lethal aid for its war in Ukraine.

via The Hill|

#beijing #business #china

business3 years ago•1 min saved

China detains and raids US due diligence firm Mintz Group's Beijing offices.

Chinese authorities have closed the Beijing office of Mintz Group, a US-based corporate due diligence firm, and detained five local staff. The move comes amid rising diplomatic tension between the US and China. Mintz Group said it had not received any official legal notice regarding a case against the company and was ready to work with the Chinese authorities to "resolve any misunderstanding that may have led to these events." The company is licensed to conduct legitimate business in China and has "always operated transparently, ethically and in compliance with applicable laws and regulations."

via CNN|

#beijing #business #china

business3 years ago•3 min saved

China Cracks Down on US Due Diligence Firm Mintz Group

Chinese authorities have detained five local staff and closed the Beijing office of US corporate due diligence firm Mintz Group, which specialises in background checking, fact gathering and internal investigations. The move has stoked concern among foreign companies in China just as it hosts an international economic forum. The incident comes as Sino-US relations have spiralled downwards following months of diplomatic tensions.

via New York Post |

#business #china #corporate-investigations

business3 years ago•2 min saved

China Detains U.S. Due Diligence Firm's Employees and Raids Office

The Mintz Group, a US-based corporate investigations firm, has said that Chinese authorities raided its Beijing office and detained all five of its Chinese employees. The company has not been able to contact the employees since they were taken away. It is unclear what the authorities’ objectives were in investigating the company, and the government did not respond to a request for comment. The move highlights the potential risks that firms involved in due diligence face in China as Xi Jinping, the country’s top leader, has repeatedly called for a greater emphasis on security and has tightened the ruling Communist Party’s grip on information.

via The New York Times|

#business #china #corporate-investigations