SinoTech Energy Ltd (CTESY US)

Year: 2011

Chinese oil recovery provider, SinoTech Energy (SinoTech), listed in 2010. In August 2011, it was attacked by short-seller Alfred Little alleging that the majority of sales and profits had been fabricated.  A month later, in September 2011, the company's CFO and chair of audit committee resigned along with auditors Ernst & Young. They believed that the company's chairman had illegally transferred cash to his own account. Six days later, the head of the special committee established to investigate the short-seller's allegations resigned as did the appointed lawyers as they were being obstructed. SinoTech was delisted from the NASDAQ in January 2012. The company was charged by the SEC for overstating the value of its operating assets and for siphoning cash. The company is a confirmed fraud. 

Last updated November 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.

lock03 Read More