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China Env auditors uncover phantom gross receivables

43.5% of the total gross receivables of 786m yuan before impairment for FY2015 is concluded to be non-existent

Published Fri, Jan 13, 2017 · 09:50 PM

Singapore

CHINA Environment, which treats industrial waste gas, on Friday said two surprise site visits by its auditors have uncovered gross receivables for fiscal 2015 that are either "non-existent", or overstated.

Of the total gross receivables of 786 million yuan (S$163 million) before impairment, about 43.5 per cent is concluded to be non-existent, and 30.8 per cent is concluded to be overstated…

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