Kingold’s shares are listed on the Nasdaq stock exchange in New York.
We need to get communist Chinese companies out of our financial system, at least those that are not audited to the same standards as our own companies.
How bad is fraud in communist China? Some examples from Zero Hedge’s article on just this one:
“In 2018, the company (Kingold) beat a number of competitors in bidding to buy a controlling stake in state-owned auto parts maker Tri-Ring Group... But Kingold has faced problems taking over Tri-Ring’s assets amid a series of corruption probes and disputes involving Tri-Ring.” (The Kingold fraudsters were duped by the Tri-Ring fraudsters, into buying a fraudulently valued company, with their fraudulent assets.)
“at the very bottom of the fraud we finally get to the one true and endless Chinese asset bubble: real estate. A Dongguan Trust investment document showed that Tri-Ring owns land blocks in Wuhan and Shenzhen that are worth nearly 40 billion yuan.” (real estate bubble pricing)
““How could it be fake if insurance companies agreed to cover it?” he said and refused to comment further. Well, the answer is simple: the insurance companies were in on the scam” (major auditing firms in China have also been found to be routinely complicit in their client’s fraud schemes in the last couple of years)
Just based on Kingold’s demonstrated fraud “more than 4% of China’s official gold reserves may be fake. And this assume that no other Chinese gold producers and jewelry makers are engaging in similar fraud (spoiler alert: they are.)”
“over the past decade China had emerged as the world’s biggest counterfeiter of various, mostly industrial metals used to secure bank loans, better known as “ghost collateral”, and which adding insult to injury, would frequently be rehypothecated meaning often several banks would have claims to the same (fake) asset.” (not just metals, most (if not all) types of collateral are routinely counted on several different banks asset sheets, at the same time)
The communist Chinese financial system is a totally fraudulent house of cards.
No wonder Dems love the ChiComs. ChiComs are the masters of fraud that Dems aspire to be.
The communist Chinese financial system is a totally fraudulent house of cards.
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Might explain why China is poking at India. China is hoping to provoke a war to divert its peoples’ attention from a calamitous economic crash. Nothing like a war to focus the peoples’ hatred on someone else.