SHANGHAI, May 12 (SMM) – China Zhongwang issued a statement today to clarify allegations published in an article on the website of the Wall Street Journal.
The article included certain allegations against China Zhongwang, alleging, among other things, funds from state-run Chinese companies helped finance, through firms alleged to be affiliated with the chairman of China Zhongwang, the build-up of stockpiles of the aluminum products of China Zhongwang overseas, giving competitive advantages to Chinese exports.
The company clarified that the allegations are without any factual basis and are misleading.
The company reiterated that it has no arrangements with any of its counterparties (private or state-owned) to finance the purchase of its own products by third parties.
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