China Env auditors uncover phantom gross receivables

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, the company said in a regulatory statement. The rest are still under investigations.