China Gaoxian Fibre Fabric (CGXF SP)

Auditors E&Y issued a disclaimer on the 2010 annual report. Subsequently, special auditors could verify only RMB93m of cash balances compared to the RMB1.1bn stated in the unaudited financial statement. The accounts were lost or destroyed and could not be easily recreated. Projects were entered into without the appropriate shareholders permission. Heavily loss making/going concern issues but still trading.

[1] Strait Times: Scandal-hit China Gaoxian’s auditors issue “qualified” opinion on accounts, 6 Apr 2014

[2] Foo Kon Tan LLP: Independent auditor’s report to the members of China Gaoxian Fibre Fabric Holdings Ltd., 31 Mar 2015

China Gaoxian: Annual Report 2011

Return to home page

Free Newsletter

GET OUR FREE NEWSLETTER

Input your email address below to sign-up to our free newsletter.