Hall of Shame

Consumer Staples

Asian Citrus Holdings Limited (73 HK)

Year: 2016

Trading in Asian Citrus' shares were suspended in September 2016 when the company's auditor, HLB Hodgson Impey Cheng, announced that it would need more time to investigate claims of financial discrepancies from two employees (one of whom was a minority shareholder). These claims were never substantiated partly due to the employees' failure to cooperate with the investigation. It was speculated that the allegations were made in order to scuttle the proposed acquisition of some properties in Shenzhen, funded through a potentially dilutive share placement. Four years later, in September 2020, Asian Citrus' shares recommenced trading. 

Last updated September 2021

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