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ChinaGaoxian
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medivh
Elite |
02-Jul-2011 10:40
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In many cases btw, if the guy or pty has already run road.. they can sue them till bankrupt.. if declared bankruptcy, you think you still can get back your money? all loans will be defaulted.. No one will pay u back what you invest, This is not lehman bros..thats for sure.... Wishful thinking serious.. The banks are not going to help small retail investors.. they are going to help themselves first.. So my advice as usual.. move on ... |
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Concerto
Member |
02-Jul-2011 10:25
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Din expect that audit cash balance can also go wrong. Wonder if they really do their work or not, or busying counting their fees for this audit :) I saw in papers that the US regulators and maybe the investors are coming together to sue the auditors who endorse the accounts that are fraudulent. That's one of the way to help shareholders get back the money, knowing you can get the S-chips. The BIG BIG Banks in US can be conned. So not suprised if the local bank who did the ipo for this company in singapore and KRX listing also be conned. Still l believe, they all relied on the audited accounts. Again, the auditors l believe got alot of explanation to be done.
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GuavaXF30
Master |
02-Jul-2011 08:22
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The 1 billion Yuan shortfall is from cash balance between the unaudited results and the latest findings by special auditors. So what it means is, they are missing RMB 1 billion or S$190 million. Also means the money raised from recent KDX listing was for investing into the Huaxing project which has a deadline for completion before they incur a penalty. They do not have the money for this investment now it seems. So more losses on the cards possible. BIG TROUBLE in little China !!!
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medivh
Elite |
02-Jul-2011 03:09
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Look people.. Move on man.. seriously, this is not worth the debate.. You should not care what they say " lost how much money or how much money went missing. " The most impt factor is that people already lost confidence in this stock. Its strange ... all this cover up news about lesser money lost is totally BullS*** Money lost is still money lost.. analogy: when you lie its still a lie .. what small lie and big lie.. its all a bunch of Crap. |
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Vanpersie
Member |
02-Jul-2011 01:49
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The latest update is far from an update but a confusion: Yes, it states clearly the cash and balances are as at 31 March 2011, but are they the balances after the write-off of the 1b? is the total cash missing 1b plus 3m, or only 3m?
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Andrew
Master |
02-Jul-2011 00:46
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WOW WOW WOW......need to rub my eyes.....Like that also can ah. First thing screw the auditors. Second, what do you think the Korean will do ? Remember, when come to investing and withdrawal thing.......last to invest, first to withdrawal. |
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gary88
Member |
01-Jul-2011 23:36
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若 只 是 三 百 万 不 见 了 ， 那 高 纤 还 有 一 线 希 望 ！ 若 是 十 亿 ， 就 永 远 翻 不 了 身 了 ！ 无 论 最 终 结 果 怎 样 ， 请 stan19不 要 放 弃 ， 赛 翁 失 马 ， 焉 知 非 福 ， 切 记 ！
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MasterNg9999
Senior |
01-Jul-2011 23:26
Yells: "Isnt Human center of the universe???" |
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Wah lao eh... PWC as special auditor...win liao lor.... Yukos prosecutionsIn November 2010, The New York Times reported that PwC had been assisting the Russian Government with prosecutions in relation to alleged tax evasion at Yukos stating " ...Then, in 2007, with the prospect of parole on the horizon, the same prosecutors — with what appears to be the complicity of PricewaterhouseCoopers, Yukos’s longtime accounting firm — indicted the two men (Mikhail B. Khodorkovsky and Platon Lebedev), again, bringing a new round of Kafkaesque charges." [57] A cable from the U.S. embassy in Moscow stated that the trial was politically motivated and that a deposition in a U.S. court by PricewaterhouseCoopers may show that PwC was pressured by the Russian government to withdraw its prior Yukos audits. An embassy source noted that if the audits were not properly withdrawn it " would greatly tarnish PWC's international reputation." [58] Russian authorities were investigating PwC for tax evasion, but suspended the investigation once PwC withdrew the Yukos audits.[59] Other punishments and criticismsIndia's accounting standards agency ICAI is investigating partners of PwC for professional negligence[47] in the now-defunct Global Trust Bank Ltd. case of 2007. Like Satyam, Global Trust Bank was also based in Hyderabad. This led to Reserve Bank of India banning PwC from auditing any financial company for over a year.[60][61][62] PwC was also associated with the accounting scandal at DSQ Software[63] in India. Following the Satyam scandal, the Mumbai-based Small Investor Grievances Association (SIGA) has requested the Indian stock market regulator SEBI to ban PwC permanently and seize its assets in India alleging few more scandals like " Ketan Parekh stock manipulations." [64] The Accountancy and Actuarial Discipline Board, which regulates the profession in the UK, announced an inquiry in July 2009 into PwC's auditing of Cattles, the struggling sub-prime lender that failed to keep track of its bad debts.[65] Transneft Russia caseThe construction of the ESPO (East Siberia-Pacific Ocean) pipeline by Transneft was estimated to cost in excess of US$13 billion. A leaked report of the Audit Chamber of the Russian Federation indicated that the total amount stolen and siphoned from the company during construction through various mechanisms and schemes reaches up to USD 4 billion.[66][67] A Moscow Times editorial stated that one of the chamber’s auditors attempted “damage control” by saying in effect, “Yes, money was stolen, but not as much the media reported.”[68] PricewaterhouseCoopers (PwC) was Transneft’s auditor and denied wrongdoing saying “We believe there are absolutely no grounds for such allegations, and we stand behind our work." [67] House of Lords inquiry in the UKIn 2011, a House of Lords inquiry specifically criticized PwC for not drawing attention to the risks in the business model followed by Northern Rock, a client of the firm, which was rescued by the UK government during the financial crisis.[69] ---Information from Wikipedia if they can siam this rd , then confirm stock will fly high until next audit ........ Cheer
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New123
Elite |
01-Jul-2011 23:09
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Stay far away from such counter .. Don't even think about it..
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stan19
Member |
01-Jul-2011 23:03
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more and more? ure wrong, its lesser than previous report. From almost 90percent missing, til only 2mill missing.
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hpong5
Master |
01-Jul-2011 22:44
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More and more cash went missing. Maybe Q2 which ended yesterday also have a few more millions went missing. | ||||
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stan19
Member |
01-Jul-2011 22:11
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seems they playing word game...actually balance still not confirmed ~ Not sure the intention of this report~ " of which to date RMB 699 million and RMB 205 million were respectively confirmed by the Special Auditors as part of their Special Audit and they are still waiting for bank confirmations for the balance"
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stan19
Member |
01-Jul-2011 21:54
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ADDITIONAL UPDATE ON CASH, FIXED ASSETS AND OTHER NON-CURRENT ASSETS AS AT 31 MARCH 2011 Reference is made to the Company’s update to the Korea Exchange (“KRX”) queries that was announced yesterday (“KRX Update”). Terms defined therein shall have the same meaning when used herein. In the KRX Update, the Board was responding to KRX queries on the Group’s financial position as at 31 December 2010 and had then informed shareholders of the Group’s cash and bank balances and bank liabilities as at 31 December 2010. The Board would like to inform shareholders that as at 31 March 2011, the Group had an aggregate cash and bank balance of approximately RMB 714 million and outstanding bank liabilities of approximately RMB 205 million, of which to date RMB 699 million and RMB 205 million were respectively confirmed by the Special Auditors as part of their Special Audit and they are still waiting for bank confirmations for the balance. It would appear from the above that part of the approximate RMB 1,132 million proceeds raised during the Korean Dual Listing has been utilized. As part of the Special Audit, the Independent Directors have instructed the Special Auditors to investigate and verify how the said proceeds have been used, including any amount that may have been used for the Huaxiang Project. The Independent Directors also noted that as at 31 March 2011, the fixed assets of the Group (comprising property, plant and equipment) is approximately RMB 572 million, plus approximately RMB 317 million of other non-current assets, comprising land use rights, land prepayment, and prepayments for preparation of land. The Independent Directors are in the process of verifying the aforesaid assets and amounts. The Board will continue to update shareholders as and when there are further developments. BY ORDER OF THE BOARD Chan Hooi Tze Joint Company Secretary 1 July 2011 |
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stan19
Member |
01-Jul-2011 21:49
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wat happened? the first report missing amount of 1billion RMB cash, as left over only 90+ millions RMB, but today report, agregate cash balance become 699million~~.....What the hell? http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_89D1C042D805A840482578C0002724EB/$file/Announcement1Jul11.pdf?openelement
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sharefrenz
Member |
01-Jul-2011 21:07
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frankly speaking, self-pity or pity anyone does not help. it just demoralise - positive thinking is important in trading biz. also to add, any advise or posting here is for sharing for as best a person think for the circumstances. final decision still vest with each individual. hence u may " blame" masterlim for his ill-advise which no outsider can tell if the company is not playing according to book. but the person that need to blame most is ourselves/yourself who take and accept the advice. remember, u r the one who decide to take action based on the advice - on which you can decide whether you want to follow or not. no offence here but just sharing my thought - eventhough I also lost money on this counter when diving ..... |
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Jackpot2010
Master |
01-Jul-2011 20:50
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Sorry for all BUT NOT MasterLim, his ill-advised call:" loadup 1008x or be left out" . He or She is probably still in this forum, using some other name.
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gary88
Member |
01-Jul-2011 20:43
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Nearly S$3m missing from China Gaoxian cash and bank balance By Linette Lim | Posted: 01 July 2011 2023 hrs SINGAPORE: Mainboard-listed China Gaoxian Fibre Fabric Holdings has announced that money is missing from its cash and bank balance for the financial period ended March 31 2011. A special audit conducted by PricewaterhouseCoopers confirmed that the group had an aggregate cash and bank balance of approximately RMB 699 million (S$132.56 million) and outstanding bank liabilities of approximately RMB 205 million (S$38.88 million). The group's financial statements previously indicated that the group had an aggregate cash and bank balance of approximately RMB 714 million (S$135.41 million) and outstanding bank liabilities of approximately RMB 205 million (S$38.88 million). This means that some RMB 15 million (S$2.84 million) from the cash and bank balance is unaccounted for. China Gaoxian said they are currently awaiting for bank confirmation on the balance. On Thursday, it announced that its special auditors have confirmed that there were accounting irregularities for its financial statements ended December 31 2010. Trouble started brewing at the S-chip company after its auditors Ernst & Young could not verify the bank balances for two Chinese subsidiaries. Subsequently, trading of China Gaoxian shares on the SGX were suspended late March. |
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rabbitfoot
Veteran |
01-Jul-2011 18:22
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What a joke, yesterday news was false alarm, for Y2010. Today's announcement is much more comforting for Mar 2011 .... | ||||
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krisluke
Supreme |
01-Jul-2011 15:48
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ChinaGaoxian: Still suspended. Special auditors have found cash balance was approx Rmb93m as of 31 Dec 2010 instead of Rmb1.1b ($189.9m) as stated on the fin statements. Bank liabilities were approx Rmb285m instead of Rmb157m. Investigations still underway for other areas and how shortfall of Rmb1b has been used. Counter has been suspended since 21 Mar 2011. |
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des_khor
Supreme |
01-Jul-2011 15:31
Yells: "Tell me who is the God or MFT from this forum??" |
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No law in China one meh ? Step down will not involve anythings liao ?
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