Sky China Petroleum Services Ltd (URS SP)

Year: 2012

Sky China Petroleum Services listed in Singapore in 2005. In October 2011, Ernst & Young resigned as auditor following the discovery of fraud at SinoTech (CTESY US). Sky China Petroleum's chairman, Qinzeng Liu, was also chairman of SinoTech. He was subsequently charged in the US for securities fraud and embezzlement. In February 2017, Sky China Petroleum, now renamed Universal Resources, requested a trading suspension following the discovery of discrepancies with cash balances at its Chinese subsidiaries. The subsequent special audit comfirmed that the cash was not there. The company was delisted in 2021. It is a confirmed fraud.

Last updated October 2021

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