What do you do when your auditors discover irregularities in your accounts?
Simple. Make the books disappear.
I remembered a previous incident where a company reported that the documents were stolen while they were transporting it.
I am sure there are 101 other ways.
This is another one of them.
Fire Outbreak at Sino Techfibre
The Board of Directors wishes to announce that a fire broke out in the early hours of the morning on 20 April 2011 at a part of the Company’s office and administrative premises of our production facility in Longkou City, Shandong Province PRC.
The fire outbreak did not cause any injury or death to any of the Company’s staff as none were present in or near the office at the time of the fire outbreak. However, the Company’s books and financial records which were kept in the affected office premise were destroyed by the fire, in addition to some physical damage to affected office premise. The actual extent of the damage is still being ascertained by the Company and further disclosures will be made in this regard when the relevant information is available.
The Company has reported the incident to the local police and the latter has commenced the necessary investigations. The cause of the fire and actual extent of the damage are currently still unknown, pending the completion of the police investigations into the fire and issuance of their report.
The Audit Committee will, with full support from the Board of Directors, oversee the investigations in respect of the fire and ascertain the implications and impact thereof on the audit issues raised in the Company’s announcement dated 14 April 2011. The Company will make further announcements in this regard as soon as the relevant information is available.
Fire occurring without any cause and anyone present? And it’s so coincidental that the fire destroyed all the financial books. You must be kidding me.
What is SGX going to do or rather what can they even do?
The list of S-Chips scandal just keeps on increasing by the day. It is now an infamous term with its own page on Wikipedia.
While caveat emptor is still the order of the day, it is sad that the hard earned money of Singaporeans are being siphoned away in such a manner. The partial list of S-Chips scandals is already up to 20 and counting.