Beijing fines Mintz in crackdown on consultants
Chinese authorities have fined US due diligence group Mintz $1.5mn, the latest salvo in Beijing’s crackdown on consulting groups which has rocked foreign businesses in China.
The Beijing Municipal Bureau of Statistics said in a statement that the fine related to dozens of projects over three years to mid-2022 in which Mintz had not obtained approvals to gather statistical and survey information in China.
The fine follows a series of raids on the China offices of Mintz, Bain and expert network Capvision earlier this year. The statement was issued in July and was first reported by the Wall Street Journal.
Mintz did not immediately respond to a request for comment.
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In another blow to foreign consulting firms operating in China, US due diligence group Mintz has been fined $1.5 million by Chinese authorities. The fine is part of Beijing’s wider crackdown on consulting groups, which has caused significant disturbances for foreign businesses within the country.
According to the Beijing Municipal Bureau of Statistics, the fine was imposed due to Mintz’s failure to obtain necessary approvals for gathering statistical and survey information in China. The bureau stated that the violations were committed over a period of three years until mid-2022 and involved multiple projects.
Earlier this year, the China offices of Mintz, as well as Bain and expert network Capvision, were subjected to raids as part of the ongoing crackdown. The statement regarding Mintz’s fine was released in July and was initially reported by the Wall Street Journal.
When reached for comment, Mintz did not immediately respond. The fine not only serves as a financial penalty for the firm but also highlights the increasing challenges faced by consulting companies operating in China.