Wonder Auto Technology is a Nevada holding company with operating subsidiaries in China primarily engaged in the business of designing, developing, manufacturing and selling automotive electric parts, automotive safety products, suspension products and engine components. On 16 Mar 2011, Todor Mitev published a report which asserted that the Company had failed to make required related party disclosures in connection with five transactions during the period 2006-2010, and that cash had been misappropriated from the Company. In Oct 2011, the Audit Committee released its conclusions that acquisitions had involved undisclosed related parties, revenue had been overstated, ability to estimate cost of inventory was lacking, negative goodwill was inappropriate, and some other minor issues. The company’s chairman immediately resigned.
OLP Global: Wonder Auto Technology – Outstanding Issues/Questions Regarding Vital Glee Acquisition, 30 Sep 2010
Wonder Auto Technology: Annual Report 2009