China Gaoxian Fibre Fabric (CGFF) listed in Singapore in 2009 raising US$90m and then in Korea in January 2011 raising a further US$190m. After a sudden share price collapse in March 2011, the company announced that its auditor Ernst & Young (EY) could not confirm bank balances. Its shares were subsequently suspended. A subsequent forensic report revealed that cash balances had been over-stated by US$150m, bank liabilities under-stated by US$20m and that it was loss-making. The company was delisted in 2019. It is a confirmed fraud.

Last updated August 2021

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