Oil and gas exploration company SAExploration was the product of a 2012 backdoor listing onto the NASDAQ. In August 2019, the company disclosed that is was being investigated by the SEC in relation to revenue recognition, accounts receivable and other related matters. The board fired its senior management. In February 2020, the company revealed that the DOJ was conducting a parallel investigation with the SEC relating to embezzlement. In October 2020, the SEC charged SAExploration and four former executives for a multi-year accounting fraud that falsely inflated the company’s revenue by approximately US$100m and concealed the theft of millions of dollars by the executives.

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.