GCHT reported in September 2011 that Deloitte its external auditor had forwarded an anonymous email to the Company and requested that the Company investigate the allegations made therein. These allegations included alleged fraudulent fund transfers resulting in incorrect accounts payable balances, a fabricated contract for the purposes of transferring funds outside the Company, and a fake payment entry from a customer. In response, the Company’s Board of Directors appointed a Special Committee consisting of the independent members of the Company’s Board of Directors to investigate the allegations. The Special Committee has concluded that the allegations set forth in the anonymous email are all without merit.
However, Deloitte had requested that a major external auditor investigate these claims and announced that its previous audit reports could no longer be relied upon. In reaction, GCHT stopped filing mandatory returns with the SEC, the last SEC filing was August 2012. GCHT shares were finally suspended in June 2015.
GC China Turbine: Annual Report 2010