Chinese upholsterer Kasen listed on the Hong Kong Exchange in 2005. It was targeted by short-seller Blue Orca in November 2019 alleging embezzlement and fraud. The company denied the allegations and established an independent committee. Five months later, in March 2020, this committee concluded that there was no substance to the allegations. As it stands, the claims against Kasen are unproven. However, since the report's publication, Kasen's share price and profits have collapsed. This is often what happens once a fraud has been identified, although it could be a coincidence.

Last updated October 2021

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