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Consumer Discretionary

Hontex International Holdings Co. Ltd (946 HK)

Year: 2010

Chinese textile company Hontex listed in Hong Kong in December 2009. Just three months later, in March 2010, the SFC raided Hontex's offices, froze the company's assets and suspended its shares. In May, KPMG resigned citing discrepancies uncovered during the FY09 audit and attempted bribery of the audit team. It transpired than Hontex had overstated more than half its revenues and 90% of profit. The company is a confirmed fraud. 

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