A Chinese maker of rabies vaccine that was fined $1.3 billion in a scandal that prompted a national crackdown on the industry says it has been declared bankrupt
A Chinese maker of rabies vaccine that was fined 9.1 billion yuan ($1.3 billion) in a product quality scandal that set off a crackdown on the industry says it has been declared bankrupt.
Changchun Changsheng Life Sciences Ltd. said Friday a court issued the ruling after concluding it was insolvent and couldn’t pay its debts.
Revelations that authorities failed to act immediately after finding the company might have falsified production records led to an outcry among a public already upset over deaths and injuries due to fake or shoddy medicines, milk, toys and other products.
The country’s No. 2 leader, Premier Li Keqiang, said the company “violated a moral bottom line.”
No injuries were reported but authorities recalled the company’s products from China and foreign markets.