Chinese industrial and municipal waste treatment company Sino-Environment Technology Group (SINE) listed in Singapore in 2006. In 2H07, earnings expectations began to decline which led to a halving of the company's share price. By March 2009, this had put the company's founder and CEO in breach of his personal debt obligations leading to a forced sale of most of his stake. The resulting loss of control prompted an early redemption of the company's convertible bond. In October, the auditors found some questionable transactions but shortly thereafter the Singapore company lost control of its Chinese subsidiaries. We suspect that the company was faking profits in order to raise funds from external sources. 

Last updated December 2021

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.