WASHINGTON Feb 28 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.