Blackgold's false accounts go back to before acquisition by Vibrant
Blackgold has inflated sales figures, recorded fictitious mining fees from subcontractors: EY report
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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.
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