Chinese chemical company China Energy listed on the Singapore Exchange in December 2006. In March 2008, the company announced that it had been brought to the attention of the audit committee that an additional RMB190m had been paid to settle the liabilities of Jiutai Guangzhou, on top of the aggregate consideration of RMB198m. An independent review was established to investigate and in July 2008 reported that no evidence of irregularities had been found. The entire audit committee was replaced in September as part of an effort to inject "new blood". Financial performance began to deteriorate shortly thereafter with losses continuing until the company was privatised in 2014.

Last updated March 2022

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