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Are you sure the auditor said that? It is a very serious statement and if it turned out to be untrue, the auditor will be liable to legal actions. Normally, auditor would just resign and give certain general excuses.
soloman ( Date: 15-Feb-2010 18:09) Posted:
In a recent ST article, reasons auditors resign is because there is fraud and they do not want to do cover the fraud up
those who stay and do company fraud will be jailed, those who resign will not
i think this company is dead meat
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In a recent ST article, reasons auditors resign is because there is fraud and they do not want to do cover the fraud up
those who stay and do company fraud will be jailed, those who resign will not
i think this company is dead meat
lucky run away, else my wife sure kill me...
wishbone ( Date: 15-Feb-2010 12:49) Posted:
I think this counter is now as good as a gone case. Let's prepare for the worst and hope for the best. We just simply can not do anything but wait.
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If they really had 2 billion RMB in their PRC accounts, they would have done then following -
a) Prepare to remit US$170 million from their PRC account 6 months prior the early maturity date to prepare for any potential early redemption from bond-holders. This will ensure that bond-holders will get repaid promptly.
b) If they had failed to do (a), they could have borrowed US$170 million from any offshore banks using their offshore holding companies while placing their RMB 2 billion bank account as collateral. This will ensure that bond-holders will get paid promptly and the banks will be repaid when SAFE allows the remittance to take place. No banks will refuse this since it is a relatively risk-free business proposition.
I think this counter is now as good as a gone case. Let's prepare for the worst and hope for the best. We just simply can not do anything but wait.
point 3 = bec if they didnt request for suspension, its stock px will fall to the ground.. can still say they are protecting the interest of the stakeholders.. lol
Calculation ( Date: 15-Feb-2010 02:43) Posted:
Oh, dear, I just read the company's recent announcement :
(1). it is unable to release its 3rd quarter financial statements by the due date,
(2). its independent directors are now unable to give an unequivocal confirmation on whether the company has the money to redeem its bonds (i.e. a reversal of what the company had announced earlier),
(3). the Board of DIrectors is of the view that it would be prudent not to request for a lifting of the trading halt.
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any way , there is nothing much for us to do anything . SGX has make a few questions to CM on Feb12. Likely a lot of things are hidden like what u have mentioned . Maybe they didn't even submut the SAFE application in the first place on 5 Jan or eariler .
They are just trying to buy time.
soloman ( Date: 15-Feb-2010 09:48) Posted:
everything they say is all excuses and excuses
they are suppose to help investors
seems they are protecting themselves and buying time before things explode ,,,,,,,,,,,,,,,
suspect a lot of ugly things under
all their audit guys also resign......................
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everything they say is all excuses and excuses
they are suppose to help investors
seems they are protecting themselves and buying time before things explode ,,,,,,,,,,,,,,,
suspect a lot of ugly things under
all their audit guys also resign......................
Oh, dear, I just read the company's recent announcement :
(1). it is unable to release its 3rd quarter financial statements by the due date,
(2). its independent directors are now unable to give an unequivocal confirmation on whether the company has the money to redeem its bonds (i.e. a reversal of what the company had announced earlier),
(3). the Board of DIrectors is of the view that it would be prudent not to request for a lifting of the trading halt.
With proper documentation, it does not take long to obtain approval from SAFE. China has plenty (too much, in fact) of foreign currencies! It is a lame excuse. The company probably does not have the money.
grandmaster89 ( Date: 14-Feb-2010 16:26) Posted:
They claim that the money is in PRC but due to PRC state control on currency movement, they are not allowed to remit the money to overseas bond-holders. Makes you wonder, why didn't they begin the process of moving the US$170 million out of PRC half a year ago to prepare for any early redemption.
freeme ( Date: 14-Feb-2010 16:00) Posted:
| but why they didnt mention tat they hav 2bil in bal sheet?
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Btw didn't they offer to repurchase US$40 million worth of CB in March 2009 below par value ?
precisely.. got money in PRC but cannot use.. then the china gov wan this company to fold meh..
grandmaster89 ( Date: 14-Feb-2010 16:26) Posted:
They claim that the money is in PRC but due to PRC state control on currency movement, they are not allowed to remit the money to overseas bond-holders. Makes you wonder, why didn't they begin the process of moving the US$170 million out of PRC half a year ago to prepare for any early redemption.
freeme ( Date: 14-Feb-2010 16:00) Posted:
| but why they didnt mention tat they hav 2bil in bal sheet?
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They claim that the money is in PRC but due to PRC state control on currency movement, they are not allowed to remit the money to overseas bond-holders.
Makes you wonder, why didn't they begin the process of moving the US$170 million out of PRC half a year ago to prepare for any early redemption.
freeme ( Date: 14-Feb-2010 16:00) Posted:
| but why they didnt mention tat they hav 2bil in bal sheet?
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but why they didnt mention tat they hav 2bil in bal sheet?
BORROW MONEY CANNOT PAY BACK
THIS IS SERIOUS MATTER, WHAT HAPPEN TO THE MONEY ??
ANY COMPANY LIKE THAT IS = KANA SAI COMPANY ............
I think the auditors are Grant Thorton.
beruangface ( Date: 14-Feb-2010 10:38) Posted:
Isn't SGX next question will be is your cash overstated in balance sheet? Who's the auditors?
smartrader ( Date: 14-Feb-2010 09:30) Posted:
| China Milk says can’t meet bond redemption |
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Tags: China Milk Products Group
| Written by The Edge |
| Friday, 12 February 2010 19:21 |
Singapore-listed China Milk Products Group (CHNM.SI) said today it did not have sufficient funds outside China to meet an early redemption request by holders of its US$150 million ($212 million) convertible bond and was in default.
“The company is currently exploring different options with a view to meeting its funding requirements for the purposes of the early redemption,” China Milk said in a filing to the stock exchange.
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Isn't SGX next question will be is your cash overstated in balance sheet? Who's the auditors?smartrader ( Date: 14-Feb-2010 09:30) Posted:
| China Milk says can’t meet bond redemption |
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Tags: China Milk Products Group
| Written by The Edge |
| Friday, 12 February 2010 19:21 |
Singapore-listed China Milk Products Group (CHNM.SI) said today it did not have sufficient funds outside China to meet an early redemption request by holders of its US$150 million ($212 million) convertible bond and was in default.
“The company is currently exploring different options with a view to meeting its funding requirements for the purposes of the early redemption,” China Milk said in a filing to the stock exchange.
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Gong Xi Fa Cai for those who can buy at ten cents.
If the cows and milk are still there, there's still milk for everyone.
Huat ah
