Posted on 12/29/2015 2:26:13 PM PST by dynachrome
To those hoping for a lift to the stock trading suspension, or a presentation of the financial results, we have bad news: both will never happen.
As the WSJ reports, in September accounting firm Deloitte Touche Tohmatsu resigned as its auditor, saying the firm alleged misconduct by a China Animal Healthcare employee and that the two firms disagreed on bank balances.
Then in October, the company announced that local authorities in Hebei province revoked some of its production permits and manufacturing certificates over local safety and environmental concerns. They also asked that the company relocate some facilities away from residential areas.
In short: the company's business and fraudulent operations were in freefall, the management team is likely facing arrest or worse, and as such the opportunity cost to come up with absolutely ridiculous stories to justify what will emerge as corporate fraud, is low.
So low in fact, that the result was nothing short of today's, if not this year's, most entertaining story of corporate fraud and may enter the history books as the most ridiculous official explanation for why it was cooking its financials.
The "explanation", as it turns out, would make even the IRS' Lois Lerner blush.
Fast forward to Monday when, as @WallStCynic points out, China Animal Healthcare said in a statement to the Hong Kong stock exchange that a truck loaded with four years’ worth of its original financial documents was on its way to Beijing. However, while the truck driver was taking a lunch break, the truck was stolen. One week later the truck was found... but the four years of financial documents were gone.
(Excerpt) Read more at zerohedge.com ...
WSJ link to story.
The Dingo ate my tax records...
The dog ate our financial records.
Must have been trying to save $$$ by having NO backup records on computer or otherwise./s
To be sold on the financial documents black market no doubt. I wonder what the street value of financial documents is these days.
Has anybody checked Sandy Burglar’s socks? How about Hillary Clinton’s lingerie drawer?
You will have to dig deep to find ole sandys socks.Do you know why they bury lawyers 12 feet deep? because deep down they are really good people.
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