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Yue Fung International Group Holding Ltd (YFINTQ HK)

Year: 2002

Hong Kong electronics manufacturer Yue Fung listed on the Hong Kong exchange in 2002. The listing was disappointing with its share price more than halving over the next year on deteriorating financial performance, raising suspicions that its financials had been primed for the IPO. In December 2002, the company was raided by Hong Kong's anti-corruption watchdog as part of an investigation into false accounting and bribery in relation to the listing of the three companies. The trial in 2006 revealed that between December 1998 and January 2002, the former chairman conspired with others to defraud a number of banks by dishonestly causing Yue Fung to apply for 37 letters of credit and six import loans in favour of a number of companies. It is probable that Yue Fung was faking its profits but the prosecution focused on the attempt to fraudulently obtain bank loans.

Last updated January 2022

The information on this page has been compiled from publicly available sources. GMT Research Limited has not verified the information and does not warrant its accuracy. Any claims made or views expressed are not necessarily those of GMT Research Limited.

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