Regulatory Fine
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Haier Consumer Finance Fined $245,000 for Illegal Conduct; Former General Manager Barred for 2 Years
China’s NAFR fined Haier Consumer Finance 2.35 million yuan (approximately $325,000 USD) for various violations, including misleading marketing, dubious debt collection, poor loan management, opaque fees, and violating consumer rights. Several executives received warnings and fines. The infractions related to actions before 2021, and Haier Consumer Finance stated it has taken corrective measures. This is not the first regulatory action against them; they were previously fined for credit information management issues. Despite the fines, Haier Consumer Finance has seen revenue and net profit growth since 2021.
