China-based Keyuan settles U.S. SEC accounting charges for $1 mln

WASHINGTON Thu Feb 28, 2013 1:46pm EST

WASHINGTON Feb 28 (Reuters) - Keyuan Petrochemicals Inc , a China-based petrochemical company, agreed to pay $1 million to settle accounting violations with the U.S. Securities and Exchange Commission, the agency said on Thursday.

Regulators accused the company of failing to disclose to investors related-party transactions involving its chief executive and others. The SEC also accused the company of maintaining an off-balance-sheet account to pay bonuses to senior officers and fund other expenses.

The company's former finance chief, Aichun Li, agreed to pay a related $25,000 penalty. Neither Keyuan nor Li admitted or denied the charges, the SEC said.

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