Southern Energy Holdings (1573 HK)

Year: 2019

Southern Energy was attacked by short-seller Emerson Analytics in July 2019 alleging fraud, prompting a 90% collapse in the company's share price. Independent auditor Deloitte resigned in October owing to disagreements over the appointment of a competent forensic accounting firm to investigate the accusations. In April 2020, the company announced that there would be a delay in the publication of FY19 financials as it had yet to appoint an auditor. In line with stock exchange listing rules, trading in the company's shares would be suspended until such time as audited results are forthcoming. Southern Energy is most likely a fraud.

Last updated September 2021

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