China Grain Reserves Corp (CGRC), which manages the State grain reserves, on Tuesday denied a report that it had issued IOUs to farmers, according to a statement posted on its website.
A report from news portal cnr.cn said early on Tuesday that a branch of CGRC in East China's Anhui Province owed hundreds of farmers a total of more than 25 million yuan ($4.08 million).
The branch conducted an investigation immediately after the report. Under the law, State grain reserve operators should not delay payment to grain sellers.
