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SGX instructs China Taisan to conduct special audit of itself
FRI, JUN 08, 2018 - 6:21 PM
THE Singapore Exchange (SGX) on Friday instructed troubled fabric maker China Taisan Technology to appoint an independent special auditor to perform a cash audit of the company going as far back as 2014.
SGX has also required that China Taisan clear the terms of reference of the special audit with it.
This should include a review of the circumstances surrounding the acquisition and payment of PPE (property, plant and equipment) expenditure of RMB160 million (S$33.3 million), including the valuation report signed off by Fujian Mincai Certified Public Accountants on Apr 18.
Last week, China Taisan said in response to queries from SGX that its current auditors are " concerned on the valuation of additional PPE in the amount of RMB160 million occurred in FY2017" .
SGX has also asked that the special auditors review the circumstances surrounding the customer claims for defective goods in 2014, the acquisition and subsequent impairment of PPE in 2015 and 2016, and the write-off of VAT recoverables in 2015.
SGX has also required that China Taisan appoint a second suitable independent director, resident in Singapore.
The company has until June 30 to comply with these instructions.
https://www.businesstimes.com.sg/companies-markets/sgx-instructs%C2%A0china%C2%A0taisan-to-conduct-special-audit-of-itself
ysh2006 ( Date: 04-Jun-2018 19:32) Posted:
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Keep the thread alive to remind shareinvestors ....who loss money in China stocks. .
ysh2006 ( Date: 04-Jun-2018 17:32) Posted:
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Did to check other China counters.....
fatpanda ( Date: 04-Jun-2018 15:22) Posted:
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" Singapore" is a " brand" that can be trusted undoubtly, and hope that this trust would not be spoilt one day.
fatpanda ( Date: 04-Jun-2018 14:55) Posted:
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China Wolf Hiding Among Sinkie Sheep
fatpanda ( Date: 04-Jun-2018 14:55) Posted:
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The culprit was a " wolve in the sheep' s dressing" - Chinese national covered under Singapore citizenship. That' s why all kenna conned very jilat.
guards80 ( Date: 04-Jun-2018 14:06) Posted:
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Directors all suddenly wake up after SGXRegCo publish new Directors blacklist for everyone to see ..........
China Taisun' s board suspends trading on counter
MON, JUN 04, 2018 - 8:43 AM
UPDATED MON, JUN 04, 2018 - 10:04 AM
TRADING in shares of fabric maker China Taisan Technology was suspended with immediate effect on Monday, after the board said the state of affairs of the company cannot be ascertained, given the developments in the ongoing audit.
In a slew of regulatory filings released on Monday, China Taisan said the management is " still in the midst of preparing and completing the necessary works" for the annual general meeting (AGM). China Taisan is looking to extend the deadline for which it can hold its AGM to June 30, 2018.
It added that as the management " is unable to fulfil the requests of the auditors for the valuation of PPE (property, plant and equipment) expenditure" , the board will take " necessary actions" to protect the interest of the company and shareholders.
It further announced that its proposed subscription of additional shares has been pulled, as the Singapore Exchange (SGX) said the company has " unresolved audit matters" . The company had earlier proposed to issue 11.2 million new shares, but SGX' s rejection on May 31, 2018 led to the lapse in the subscription agreement' s long-stop date.
The SGX has quizzed the company, which has been on the distressed watch list for about a year, on various issues ranging from key boardroom appointments and departures to the valuation of certain assets to its financial books. In June 2017, China Taisan' s independent auditors RT LLP cast significant doubts over the firm' s ability to continue as a going concern over its audited financial statements for the year ended December 2016.
https://www.businesstimes.com.sg/companies-markets/china-taisuns-board-suspends-trading-on-counter
midas kenna conned very jialat.... some retired money and school fee saving also gone
fatpanda ( Date: 04-Jun-2018 13:35) Posted:
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SCAM CHIP ?....Auditor fault again .....
Starship ( Date: 04-Jun-2018 13:39) Posted:
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By now, everyone should know why China stocks here are neamed S-Chips......... S stands for Scam
fatpanda ( Date: 04-Jun-2018 13:35) Posted:
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Big one in the recent hisotry... MIDAS! All kenna conned upside down. Especially the professional like auditor, watchdog, comany IDs, and the innocent retail investors.
guards80 ( Date: 04-Jun-2018 13:28) Posted:
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alot china stock without china name also scam
guards80 ( Date: 04-Jun-2018 13:27) Posted:
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hmm better dont invest china stock .
ysh2006 ( Date: 04-Jun-2018 13:23) Posted:
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So need to find those Sgx company with name start with " China" quickly sell away ....eg China Haida China Jishan, Aviation,Env,Env Res,Everbright,Goaxian Great Land Jinjiang, Bearing etc...
qtrinity ( Date: 04-Jun-2018 10:25) Posted:
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Another one going under?
The SGX has quizzed the company, which has been on the distressed watch list for about a year, on various issues ranging from key boardroom appointments and departures to the valuation of certain assets to its financial books. In June 2017, China Taisan' s independent auditors RT LLP cast significant doubts over the firm' s ability to continue as a going concern over its audited financial statements for the year ended December 2016.
https://www.businesstimes.com.sg/companies-markets/china-taisuns-board-suspends-trading-on-counter
The SGX has quizzed the company, which has been on the distressed watch list for about a year, on various issues ranging from key boardroom appointments and departures to the valuation of certain assets to its financial books. In June 2017, China Taisan' s independent auditors RT LLP cast significant doubts over the firm' s ability to continue as a going concern over its audited financial statements for the year ended December 2016.
https://www.businesstimes.com.sg/companies-markets/china-taisuns-board-suspends-trading-on-counter
Another Chinese cheaters... Never ending S-cheat stories in SGX.
Another China company got auditor problem ...Suspended ?
Sorry Wrong thread
SmallSmall ( Date: 03-Mar-2016 10:18) Posted:
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| 02 Mar 2016 | 01 Mar 2016 | Eversendai Corporation Berhad | SSH | S/U | 6,000 | 0.13721 | 0.133 | 68,315 | 29.870 |
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| 02 Mar 2016 | 01 Mar 2016 | Tan Sri Nathan Elumalay | SSH | S/U | 6,000 | 0.13721 | 0.133 | 68,315 | 29.870 |
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