Chinese Media Expose the Fraud

Leading Chinese news outlets, including Xinhua News Agency and China Daily, have been at the forefront of exposing the fraudulent activities at #kaixin #auto Holdings. Their investigative reports have uncovered a web of deceit involving financial misreporting, embezzlement, and other illicit activities orchestrated by the company's top executives.
Key Findings from Chinese Media:

Financial Misreporting: Xinhua News Agency's investigation revealed that Kaixin Auto Holdings systematically inflated its financial statements. The company reported exaggerated sales figures and overstated profits to attract investors and inflate its market value.
Embezzlement: China Daily reported that several senior executives at Kaixin Auto Holdings were involved in embezzling company funds. These funds, meant for business expansion and operations, were diverted to personal accounts, leaving the company financially crippled.
Deceptive Practices: Investigations by the South China Morning Post highlighted how Kaixin Auto Holdings engaged in deceptive practices, such as falsifying transaction records and creating fake subsidiaries to launder money and evade regulatory scrutiny.