GC China Turbine (GCHT) developed wind turbines in China. The company was the product of a reverse merger with the original vehicle having listed in the US on the OTC market in May 2007. In September 2011, GCHT's auditor, Deloitte, received a anonymous complaint regarding fabricated sales, receivables and payables. It informed the company and appears to have been subsequently dismissed under the pretext of cost-savings. A special committee was established to investigate the claims and in October found that they were without merit. In November, 3Q11 results were filed late and revealed that revenues had fallen to zero. In February 2012, the company's CFO resigned along with another director. In April, GCHT disclosed additional details of the allegations and Deloitte's investigation which appeared to confirm that sales and profits had been inflated. The company's final filing, in August 2012, was a further notification of being unable to produce results in a timely manner. It then went dark. GCHT is a confirmed fraud which was likely parking profits in fabricated receivables. 

Last updated November 2021

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