Sound Global (0967)

[specuvestor]

Amazing SGX managed to dodge a bullet... IIRC Sound Global had a toxic derivative deal with CS when it was listed in SGX, which suppressed the share. Funny why they reported to Singapore MoF.


Sound Global Says Auditors Discover About $323 Million Shortfall
2015-04-29 22:27:20.816 GMT


By Joshua Fellman
     (Bloomberg) -- Sound Global Ltd., the water-treatment
company accused of accounting irregularities by a group calling
itself Emerson Analytics Co., said auditors had identified a
shortfall of about 2 billion yuan ($323 million).
     Auditors found the discrepancy between Sound Global’s bank
and book cash balances as of Dec. 31 while working on the
company’s 2014 earnings, according to a Hong Kong stock exchange
filing on Wednesday. The auditors reported their findings to
Singapore’s Ministry of Finance, Sound Global said.
     Sound Global’s shares plunged a record 29 percent on Feb.
16, the first day of trading after Emerson released a report
questioning the company’s revenue. It issued two subsequent
notes. Sound Global denied the accusations, saying Emerson’s
reports were “misleading, groundless and full of hyperboles and
logic flaws.”
     The company’s independent review committee will early next
week hire a professional corporate-investigation firm to look
into the matter, probably returning a final report by late May,
according to the Wednesday statement.
     Assuming the auditors will resume work after the final
report is issued, Sound Global expects to publish 2014 earnings
in late June, according to the filing. The company’s shares will
remain suspended until further notice.

"Securities and Futures Commission (SFC) has directed the Stock Exchange of Hong Kong Limited to suspend"
http://aastocks.com/en/stocks/news/aafn-...pular-news

I think the end is probably near... after a year...