Hall of Shame

Real Estate

Australia China Holdings (AAK AU)

Year: 2016

The origins of Australia China Holding are somewhat murky. The original vehicle listed in Australia in 1995 as a Chinese trading business but appears to have changed its name and scope of operations a number of times. In June 2009, it settled on the name Australia China and declared that it owned and rented out farmland in China. Its only real asset was A$76m in the form of a deposit paid on Mongolian farmland. However, in August 2016 its auditors queried the recoverability of these deposits and the Australian Exchange issued a list of questions. It transpired that the former chairman had died rather suddenly and this had complicated the recoverability of deposits. The stock was delisted in March 2017. 

Last updated October 2021

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