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Asian Citrus Share Discussion Threads
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"Asian Citrus Holdings Ltd - AIM and HKEx - ACHL
wigwammer - 26 Feb 2015 - 14:57:21 - 4026 of 4403
Post 4023. Long on rhetoric, short on numbers.
If your basic premise is that the auditor, baker tilly, have got it all wrong, then of course there are no assets.
But then you could make the same claim against any set of accounts that's ever been produced.
No idea what the connection is with langbar."
Langbar was an AIM company which claimed to have massive cash balances way in excess of its market cap. The auditors went off to Brasil to check it out and as they entered Banco de Brasil were met by a 'representative of the company' who took them into a side room and showed them a Certificate of Deposit for $275m with a promissory note for another $295m to follow. When it all collapsed, it couldn't be established who that 'representative' was or whether the bank even knew the auditors were on the premises.
Now re-read #4401 and see if you get the connection now, wigwammer!|
|my retirement fund29 Sep '16 - 13:45 - 126183 of 126184 0 0
what a looser he is lol
HEY Coco, don't you mean "loser"?
|The auditors of the Company has reported to the Company that they have met with a person who claimed to be Mr. Man Gui Fu ("Mr. Man"). Mr. Man is a minority shareholder, director and general manager of the Company's subsidiary Beihai Perfuming Garden Juice Co., Ltd., a part of the Group's fruit processing business acquired in November 2010, and Mr. Man also holds positions in some of the Company's other subsidiaries.
Mr. Man alleged that there are inaccuracies in the books and records of certain subsidiaries of the Company, and has provided to the auditors a document purporting to be a copy of the bank statement for a period from 1 January 2016 to 30 June 2016 of Lucky Team Biotech Development (Hepu) Limited (which is a subsidiary of the Company). Prior to receiving the above set of bank statements, as part of the audit procedures, the auditors have previously reviewed the original bank statements provided on site by the relevant subsidiaries of the Company.
Further, the auditors of the Company has also reported to the Company that it has received written correspondence which appeared to be sent by a person named Mr. Chen De Qiang ("Mr. DQ Chen"), whose name matches that of the finance manager of certain Chinese subsidiaries of the Company, which indicated that certain amounts or balances in the internal records of certain customers or suppliers do not correspond to the internal records of the Group.|
|Note in the report the words appeared to be and claimed to be. Wouldn't it have been a good idea to verify the identity first so these words would have been unnecessary?|
|The Aim structure is money making machine for all parties involved, that is apart from the investors (cannon fodder)who have to take on all the risk in a somewhat lawless business environment. By having nomads which are advisors, brokers, market makers which are paid by the company is a recipe for disaster. Why would a Nomad flag up problems with its own employer ? And if the company is based overseas then all the better then everybody involved can stick their heads in the sand and plead ignorance.
Sorry if this is slightly off topic here, but i noticed after the RNS yesterday nobody had said boo about the suspension, so better here than anywhere.|
|The situation here has less to do with Aim and more to do with China IMO.|
|The shocking situation on Aim and its very light touch or head in the sand approach to blatant fraud will come back and bite them hard if not destroy Aim. A class action against them must be soon on the cards.
Here's the link to R4 program the other night.
|Lol so this plain and simple fraud will come as a massive shock to investors - NOT !|
my retirement fund
|is that SPA basically a sale and lease back ?|
|grab your pitchforks, form an angry mob, march over to China, confront management and demand that they start growing RHUBARB in Yorkshire. Hunan sounds just as good a climate for them but you'll want em where you can all see em.|
|Bizarre price action, nearly doubled in value whilst they've closed 2 of their 3 plantations with massive write offs on each.
Sure are some optimists out there :-)|
|I don't think so Zangdook
anyway, how do you say fraud in chinese LOL|
|"why does this Chinese company even have an English name ?"
See the Hong Kong Companies Ordinance - all HK listed companies report in English and Chinese. Of course it has an English name. What an idiotic question.|
|China: domestic fruit industry suffers from growing imports
Chinese fruit growers are worried about the growing popularity of imported fruits. Domestic fruits can only be sold during season, whereas imported products can be sold all year around. In addition, imported products are sold at higher prices than domestic products. Despite an increase in quality of domestic fruits, added value is less.
It is predicted that the price of imported fruits will gradually go down if supplies continue to increase. The price of domestic fruits is likely to continue to rise along with rising labour costs. Under such circumstances, the domestic fruit industry will face even harsher challenges. Therefore it is of great importance to improve the standardization procedures and to be more competitive in the fruit markets.
Source: Brand marketing for fruits and vegetables|
|There's a stock exchange in China by the way
And why does this Chinese company even have an English name ?
Is it to appease mug punters on the AIM market ?|
|yes i know, so no need for an AIM listing unless ....|
|spob - this company is also listed in Hong Kong.|
|So to get the trading update straight in my head. They decided to open a new plantation without first considering whether the local climate was conducive to growing their fruit? Sounds like a schoolboy error to me.|