Fuyao Glass Industry (600660) denied previous media reports that a subsidiary, Hainan Wenchang Fuyao Silica Sand, had made huge profits from the extraction of placer, and in the process had created an ecological disaster for local villages in Hainan, reports Beijing Times, citing a company filing.

According to Fuyao Glass, subsidiary had invested a total of 8.96 million yuan on environment protection, roads, education and other measures to improve the living standards of the villages since 2004.

The company said the subsidiary operated according to environmental standards and will be able to return the land to the villagers when the lease agreement expires.

Fuyao Glass denied making huge profits. 

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