Zoomlion, the diggers and pumps company whose finances have been at the centre of a Chinese media scandal, said third-quarter profits dropped more than one-third as its bitter local rival Sany Heavy reported profits down by half, writes Paul J Davies.
On Saturday a Chinese reporter confessed to taking bribes to write damaging stories about the company after being arrested by police from Zoomlion’s home city of Changsha in the latest set of accusations against the group.
Chen Yongzhou, a reporter from the Guandong-based New Express newspaper, was formally charged by authorities with defaming Zoomlion yesterday, Xinhua reported.
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