August 17, 2018 / 7:04 AM / 9 months ago

REFILE-China supervisory body suspends Dagong ratings agency's business over violations

(Corrects article in the first paragraph)

SHANGHAI, Aug 17 (Reuters) - China has suspended some of Dagong Global Credit Rating Co Ltd’s business after the company violated regulations, a supervisory body said on Friday.

The National Association of Financial Market Institutional Investors (NAFMII), an industry association under the central bank that supervises the debt market, said it would suspend the debt-financing instrument business for non-financial firms of Dagong for one year.

NAFMII said in a statement that Dagong provided direct consultation services to firms that it also issued credit ratings for, and that it gave false statements and information to NAFMII during an investigation into Dagong’s business practices. (Reporting by Andrew Galbraith and the Beijing Newsroom; Editing by Sam Holmes)

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