DBA Telecom listed in Hong Kong in 2006. In March 2013, the company published its FY12 results but failed to notify investors that the auditors had not signed off. In May, the company admitted that there would be a delay in the publication of its annual report as the auditors needed more time. A few days later, the company's shares plunged 55%. In June 2013, the company suspended its shares and finally came clean on the extent of disagreements with its auditors. However, the auditors resigned in August 2013 and were promptly followed by most of the board, including independent directors. In May 2014, the company announced that it had defaulted, leading to a delisting in November 2020. DBA was most likely faking profits for most it its listed history (FY06-FY12) but the independent committee established to investigate never completed its review. 

Last updated October 2021

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