Chinese furniture manufacturer China Winway and its founders acquired an Australian furniture designer in 2012. The newly formed company, Birch and Prestige (B&P), planned to establish a retail presence in Australia with furniture manufactured in China. It listed on the Australian Stock Exchange (ASX) in August 2013. However, instead of using the proceeds to invest in an Australian retail network, they were immediately loaned out to some Chinese companies. The recoverability of these loans was first raised by its auditor within B&P's FY14 annual report, released in April 2015. In April 2016, the ASX queried whether the company was in compliance with the listing rules and requested clarification on a number of issues, such as the qualified accounts. While B&P attempted to respond, it shares were subsequently suspended later that month. The company was delisted in 2017.  

Last updated April 2022 

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