Sinotel: Co was placed under a trading halt in the morn. The latest announcement is that there have been unauthorised payments amounting to approx RMB105.4m. These were conducted fraudulently by an employee Wang Yuxiao and 2 accomplices. As of end Mar, auditor Baker Tilly was unable to complete procedures related to the affected accounts. The employees involved have been reported to the PRC security bureau and co expects to recover Rmb89.0m by 30 Apr 2012.
This follows Sunmart which has been suspended this morn, after audit issues were raised.
No comments:
Post a Comment