Eratat unit forged 577m yuan bank statement: CBRC

THE trail of missing cash at mainboard-listed China fashion company Eratat Lifestyle has led to more concrete evidence of fraud.

The Fujian office of China's bank regulator China Banking Regulatory Commission (CBRC) has found that an Agricultural Bank of China (ABC) bank document purportedly showing a cash balance of 577 million yuan (S$117 million) in an Eratat subsidiary bank account was forged by the subsidiary.

Even more egregiously, representatives of the subsidiary might have impersonated as ABC bank staff to reassure visiting independent auditors and company directors that everything was okay.