Investigation confirms fraud at China's Luckin Coffee
Private equity-backed Chinese coffee shop chain Luckin Coffee has confirmed earlier suspicions of large-scale financial fraud in its operations, while a proposal to remove the company’s chairman failed to receive enough shareholder support.
An internal investigation found that fabrication of transactions starting in April 2019 resulted in Luckin’s net revenue for that year being inflated by approximately RMB2.12 billion ($300 million) –...
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