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ZhongHui Holdings (ZHL SP)

Year: 2008

Chinese waste management systems solutions provider Zhonghui listed on the Singapore Exchange in 2004. In March 2008, the company's share price halved owing to the forced sale of a portion of the CEO's stake. The next month, in April, the company's auditors issued an audit qualification for FY07 results relating to the recent acquisition of a stake in Baoji and a going concern qualification relating to a rescheduled loan repayment. In May, three directors resigned and later that month the company clarified that it had paid more than disclosed for Baoji. In May and August, there were more board resignations plus that of its auditor. The company's share price was finally suspended in December 2008 and Chinese management went dark. It is not clear if this was a case of embezzlement, faked profits of both.

Last updated February 2022

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