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SFC: TIANYUN INT'L (06836.HK) Massive Corporate Funds Missing; Investigation Still Underway
Recommend 4 Positive 3 Negative 9 |
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The Securities and Futures Commission (SFC) directed to suspend dealings in the shares of TIANYUN INT'L (06836.HK) with effect from yesterday (15th). The SFC's action stemmed from an investigation into a purported transfer of RMB34 million executed by a Mainland subsidiary of Tianyun in December 2021. The SFC's investigation, however, discovered that the purported transfer of RMB34 million had never taken place. This raised serious concerns about whether Tianyun had fabricated the purported transfer of RMB34 million to conceal irregularities identified by its then auditors and to mislead its shareholders, auditors, forensic accountant, and the regulators. Besides, the SFC ascertained the balances of the bank accounts of Tianyun and its other major operating subsidiaries from 31 December 2019 to 30 June 2022 and further discovered other discrepancies between the bank balances provided by Tianyun to the SFC and the balances independently obtained by the SFC from Tianyun's banks. The amount of missing funds was massive ranging from RMB433.8 million to RMB563.7 million, representing over 90% of Tianyun's cash and bank balances and over 45% of Tianyun's net asset value in its published financial results for the past four years. As Tianyun had failed to address the SFC's concerns satisfactorily, in particular, its failure to provide the required undertakings to its satisfaction and engage a reputable independent manager in Hong Kong to safeguard Tianyun's assets, the SFC issued a notice to the SEHK to direct it to suspend dealings in Tianyun's shares. AAStocks Financial News |
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