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China Forestry (930 HK)

Year: 2011

China Forestry listed on the Hong Kong exchange in December 2009. In January 2011, the company's shares were suspended upon news that its auditors KPMG had encountered accounting irregularities in respect of the December FY10 financials. Three months later, the independent committee reported that the company was buying logs from third parties in an attempt to hide the fact that many of the forests did not actually exist. IPO proceeds were presumed to have been spent on forest acquisition but had most likely been embezzled. China Forestry defaulted in March 2014, appointed a liquidator in June 2015 and was delisted in 2017. 

Last updated August 2021

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