SHANGHAI WORLDBEST ADMITS PROFIT BLOATED OVER 4 YEARS

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Shanghai Worldbest Pharmaceutical Co, a subsidiary of state-owned China Worldbest Group, admitted yesterday it inflated profits totaling 65.11 million yuan (US$8.1 million) from 2001 to 2004. The Shanghai-listed pharmaceutical maker said it used false financial data and improper accounting method during the four years, causing reports of untrue revenues and inflated profits, it said in an announcement to the Shanghai Stock Exchange yesterday.

Shanghai Daily (http://www.shanghaidaily.com/art/2006/04/11/260657/Shanghai_Worldbest_admits_profit_bloated_over_4_years.htm)