Another case of S-chip?

Look like another con job again. KXD.

Look at tua huay chwee, it transferred $$$ away then let company wound up by bondholders.

Now china sky kenna sue by SGX.

(07-01-2012 11:58 AM)Lesser Mortal Wrote:  Now china sky kenna sue by SGX.

The probable reason why China Sky is treating the directives from SGX with contempt is that they think Chinese companies are above auditing by internationally recognised public auditors. They are also probably enamoured of the way another Chinese company, Longtop Financial Technologies, is similarly treating the Public Company Accounting Oversight Board of the US.

These Chinese companies think that when push comes to shove, they have the entire force of the Chinese Government on their side.

"Speaking to the China-based Economic Information Daily, an official from the country's Ministry of Finance said that Beijing is currently adopting the "principle of complete trust," which means in case the US needs to inspect the accounting of a Chinese company listed in the US, it has to file a demand with the Chinese inspection authorities, which will notify the US on the results once the inspections on required fields are done. It is however impossible for the Public Company Accounting Oversight Board to enter China to conduct an inspection by themselves."

So here you have it from the horse's mouth. You want to inspect? Sure, but please file a demand with the "Chinese inspection authorities" first. Foreign audit companies not welcome!

Link: http://tiny.cc/ync65

How long can they afford to do that?
The Chinese Govt will have to pay the price if they still try to shield their criminals.

(07-01-2012 02:11 PM)flexway Wrote:  

(07-01-2012 11:58 AM)Lesser Mortal Wrote:  Now china sky kenna sue by SGX.

The probable reason why China Sky is treating the directives from SGX with contempt is that they think Chinese companies are above auditing by internationally recognised public auditors. They are also probably enamoured of the way another Chinese company, Longtop Financial Technologies, is similarly treating the Public Company Accounting Oversight Board of the US.

These Chinese companies think that when push comes to shove, they have the entire force of the Chinese Government on their side.

"Speaking to the China-based Economic Information Daily, an official from the country's Ministry of Finance said that Beijing is currently adopting the "principle of complete trust," which means in case the US needs to inspect the accounting of a Chinese company listed in the US, it has to file a demand with the Chinese inspection authorities, which will notify the US on the results once the inspections on required fields are done. It is however impossible for the Public Company Accounting Oversight Board to enter China to conduct an inspection by themselves."

So here you have it from the horse's mouth. You want to inspect? Sure, but please file a demand with the "Chinese inspection authorities" first. Foreign audit companies not welcome!

Link: http://tiny.cc/ync65

Actually known abt this already, been working in china before. Thus know how their biz work. Actually for plp interested in china share, my advise is to get those listed in Hong Kong, they are much safer as the chinese govt will step in if such con job happen in Hong Kong. They dun want a bad impression (not that there non, but if u see the past few cases, the chinese govt is the one that actually bring those con man into justice). However for other place, their govt dun give a care.

(07-01-2012 02:22 PM)dragonball Wrote:  How long can they afford to do that?
The Chinese Govt will have to pay the price if they still try to shield their criminals.

I think the moral of the story is that even when elephants make love the grass suffers. Don't even talk about elephants fighting!

For retail investors, I think there are much more worthy co's to invest in than to become the proverbial grass for these big boys to wipe their feet on. We are in no position to wait it out and extract a price from the Chinese govt. Cheers.

(07-01-2012 02:38 PM)flexway Wrote:  

(07-01-2012 02:22 PM)dragonball Wrote:  How long can they afford to do that?
The Chinese Govt will have to pay the price if they still try to shield their criminals.

I think the moral of the story is that even when elephants make love the grass suffers. Don't even talk about elephants fighting!

For retail investors, I think there are much more worthy co's to invest in than to become the proverbial grass for these big boys to wipe their feet on. We are in no position to wait it out and extract a price from the Chinese govt. Cheers.

Might make right lar, they are big enough to act this way and nobody can do much abt it. Come to think abt it, Indon had keep on saying that alot of their illegal money had flow to sg and those indon biz man that break the law is over in SG. But till date sg govt also dun f@ck care.

(07-01-2012 02:22 PM)dragonball Wrote:  How long can they afford to do that?
The Chinese Govt will have to pay the price if they still try to shield their criminals.

They have to do that because no Chinese company is clean .....