Operator of Chinese wellness clinics, Traditional Therapy Clinics (TTC), listed on the Australian Stock Exchange (ASX) in September 2015. In September 2017, the company responded to ASX queries that it had not been granted approval to repatriate funds from China. In April 2018, TTC's chairman confirmed in a newspaper article that it was having difficulty remitting money from China. Later than month, in contradiction of its chairman, the company said it would transfer capital from China to avoid any doubt. When the capital did not arrive, the company's chairman resigned in September. A few days later, the company advised that it was having difficulty finalising its 1H18 results, leading to a suspension of trading in the company's shares. Auditor BDO disclosed that it was having difficulty verifying cash balances. The company is a confirmed fraud with fake profits likely being parked in fabricated cash balances. 

Last updated October 2021

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