Chinese food and beverage company Celestial NutriFoods listed in Singapore in 2004. In June 2009, the company defaulted on the early redemption of a US$235m convertible bond following disappointing share price performance. Immediately thereafter, financial performance deteriorated. In July, the provisional liquidators disclosed that they were unable to take control of the Chinese subsidiaries which had been sold. The liquidator also uncovered a number of suspicious transactions which suggested embezzlement and fraud. Our screens indicate the company had likely been faking its profits for most of its listed history, hiding the evidence in cash balances and fixed assets. 

Last updated December 2021

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