China sentences three men for 'news extortion' targeting IPO-bound companies
By
The Economist
Summary
Chinese authorities sentenced three men in Zhejiang province for "news extortion" — digging up or fabricating damaging information about over 180 companies preparing to go public, then demanding hush money to not publish it on social media. Prosecutors expressed concern that some companies paid the extortionists rather than reporting them to police, even when the threatened information was false, preferring to avoid disruptions to their listing process.
Source
bskyChina sentences three men for 'news extortion' targeting IPO-bound companiesecon.stKey quotes
· 3 pulledWhat was most concerning, said prosecutors, was that some companies did not report the extortion to the police, even though the information that the men threatened to publish was not true.
Instead they just paid up to avoid disruptions to the listing process.
They had dug up (or in many cases made up) dirt on over 180 companies that were preparing to go public and then demanded hush money to not publish it on social media.
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