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Citiraya Industries (CENR SP)

Year: 2005

Singaporean electronics waste recycling company Citiraya listed in 2002. In January 2005, the company announced that it was being investigated by Singapore's Corrupt Practices Investigation Bureau (CPIB) and asked for a share trading suspension which lasted for 18 months. It transpired that the company's senior management was reselling scrapped chips which were meant to be crushed and recycled. They fled with US$51m from illegally sold chips. The company's reported sales and profits had been faked. Its FY02 and FY03 financials triggered our Fake Cash Flow Fraud model suggesting traits in line with past frauds, plus Beneish's M-Score for profit manipulation. Fake profits were likely parked in cash and receivables. Citiraya is a confirmed fraud.

Last updated February 2022

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