Blackgold's false accounts go back to before acquisition by Vibrant

Singapore

BLACKGOLD International Holdings, a Chinese coal miner owned by Singapore-listed Vibrant Group, appears to have falsified accounts and grossly inflated sales figures since the day it was acquired, causing Vibrant to report false financials in a possible breach of Singapore listing rules.

Blackgold's management may also have recorded fictitious mining fees from subcontractors prior to the acquisition by Vibrant in July 2017, suggesting that the fraud dates back to the time when it was still listed on the Australian Securities Exchange.

These findings were released in a special audit report by EY Advisory on Thursday. EY commenced a probe into Blackgold's records in August last year, after …