Hong Kong design and development company Daka Designs listed on the Singapore Exchange in July 2004. The company's financial performance immediately began to disappoint with a profit warning relating to 1H05 results and then for 1H06 results (March year-end). In January 2006, the company's shares were suspended and it was disclosed that the Singapore Exchange had asked the company to establish a independent review back in October 2005 which was conducted by KPMG. Unfortunately, the review faced obstruction. In May 2006, management stepped aside and in June the review concluded that loss-making associate Daka Manufacturing should have been consolidated. Also, sales and profits had been fabricated. Daka's FY04 financials (the year of its IPO) thad traits similar to past frauds.

Last updated February 2022

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