Trademark infringement, bribery, and illegal investments are some of the reasons 173 companies from Zhejiang Province in eastern China have reportedly lost their business licenses.
According to Sohu.com, Zhejiang Provincial Administration for Industry and Commerce has canceled the business licenses of these discredited companies and banned them from carrying out any operation activities or investment. The Department has also asked the legal representative of these companies not to undertake the same role of other enterprises within three years. Companies involved include Zhejiang Huatong Property Development Group Company and Zhejiang Futian Group.
A representative from ZPAIC says that they exposed these illegal enterprises in order to eliminate the harm they can do to consumers. Besides punishing these companies, ZPAIC has also, for the first time, released a credit warning on these businesses and related individuals.
