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China bans 10,865 defaulters from senior positions in companies

Xinhua, March 11, 2016 Adjust font size:

More than 10,000 people who failed to fulfill court orders have been barred from taking senior positions in companies as of March 6, authorities announced Friday.

According to a memorandum of cooperation signed by the Supreme People's Court (SPC) with the State Administration for Industry & Commerce (SAIC) and six other central government departments in 2014, defaulters are forbidden from positions such as legal representative, member of the board, member of the board of supervisors and senior executive of a company.

To impose harsher restrictions on defaulters, the SAIC established a database containing information on defaulters, which went online on Dec. 11, 2015. Using the database, the SAIC worked with local industry and business authorities and market supervisors to block business registration applications by defaulters.

Besides employment restrictions, people on the blacklist will find it more difficult to secure loans or credit cards. They are also banned from flying and upper-class sleeper-train compartments. Endi