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China Environment directors to attend ACRA interview in probe
CHINA Environment announced before trading hours on Thursday that it is being investigated by the Accounting and Corporate Regulatory Authority (ACRA) into possible offences under the Companies Act.
In a filing with the Singapore Exchange, China Environment said that ACRA requires the attendance of its directors for an interview to provide them with information on the case. It added that the directors will “cooperate fully” with ACRA in its investigations.
The company said that it will make updates if there are further significant developments of the investigations, provided that such disclosures are permissible.
Earlier in October, China Environment had given authorisation to a creditor of its wholly owned unit Anhui Dongyuan Environmental Protection Co to take over management of Anhui and to collect rental income at its property.
This came on the back of a previous announcement in May, when China Environment flagged that it suspected potential rental income misappropriation by Anhui’s existing management.
But in an update in June, it said that the existing management at Anhui claimed they did not misappropriate any money, but would not allow China Environment control of the funds due to pressure from their creditor.
Trading in China Environment stock remains suspended.