Watch retailer EganaGoldpfeil (Egana) was first highlighted by David Webb in July 2007 for a number of questionable transactions, in particular those involving David Wong. The next day, David Wong was charged by Hong Kong's anti-corruption watchdog and Egana's share price collapsed 61%. In August, the company's board asked KPMG to conduct a special investigation. A few weeks later, the auditor highlighted HK$2.28bn of questionable receivables. In November, Egana produced its audited annual report for the year ended 31 May 2007. Its auditor, Baker Tilly, qualified the financial statements due to possible fraudulent sales and accounts receivable. On 6 March 2009, provisional liquidators were appointed. Egana is a confirmed fraud. 

Last updated September 2021

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