Chinese textile company FibreChem Technologies listed on the Singapore Exchange in 2004. In February 2009, its shares plunged 40% on heavy volume until they were suspended by the company. Unbeknown to investors, the company's CEO had fled Singapore when the auditors raised problems with the verification of cash balances and receivables at a meeting. Presumably, he instructed his broker to sell his shares on the way to the airport! A few days later, the company announced that the auditor had encountered problems and appointed an investigator. In December 2011, almost three years after the fraud had been uncovered, FibreChem released the findings of the investigation report. This revealed that the fraud was far more extensive and had been going on for far longer than expected. Liquidators were appointed in March 2021 and the company was delisted from the SGX in November 2018.

Last updated October 2021

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