China Sun Bio-chem (CSBT SP suspended)

In March 2009, auditors PWC questioned the authenticity of RMB592m payment to purchase corn, RMB337m in trade receivables. PWC also was not able to confirm sales revenue and receivables reported by the group in 2008.

KPMG was appointed by the company to perform a special review were also unable to proceed due to missing accounting records (a truck transporting the accounting records was allegedly stolen while the driver was at dinner) and the sudden shut-down of electric supply in the premises in China while KPMG was performing a forensic review, and the absence of a disk drive.

The CEO was suspended but later reinstated on May 2009 as other directors cited difficulty in controlling the subsidiaries without him.

3Q2008 OPM was 25%, RoPA was 40%

The shares have been suspended since 2009. In 2010, provisional liquidators were appointed, but no further updates are available.

NUS: Dealing with Perception: A Look at Overseas-Listed Chinese Firms in Singapore, 6 Feb 2014

SCMP: Bondholders in bid to wind up China Sun, 14 May 2010

China Sun: Annual Report 2007

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