Chinese shoes because of financial irregularities by the Canadian regulatory investigations
The evening of September 16 Beijing time, according to Reuters, the production distinguished branded sportswear and casual shoes manufacturer in China - Zungui Haixi said today that the company's auditors Ernst & Young last month to suspend its audit, Canada, the Ontario Securities Commission has been investigating the company. However, the company did not disclose details about the investigation.
August 2011, auditors Ernst & Young to suspend Zungui Haix audit, in order to investigate some of the issues they have identified. Ernst & Young questioned the company's financial irregularities, some of which involved bank documents do not match and can not be accepted by Ernst & Young bank confirmation (confirmations).
Zungui Haixi company said last month that the company's audit committee independent investigation by the organization to deal with the matter. In the past four weeks, the investigation committee has been with the company's CEO Yanda Cai and other internal personnel to several rounds of discussion, and seek their cooperation and assistance.
Zungui Haix company's share price has fallen this year, nearly 90% since August 23, 2011 Zungui Haix announced that its auditor Ernst & Young to suspend the company's audit, the company's stock price has been in a suspended state.
Zungui Haix is a manufacturer of exclusive brands and casual shoes, sports apparel manufacturer in China, founded in 1992, until 2001, the company only opened its first store. In 2009, the company listed on TSX Venture Exchange in Canada. According to Zungui Haix the latest official information published online, the company is currently in China with more than 2,000 stores.
The evening of September 16 Beijing time, according to Reuters, the production distinguished branded sportswear and casual shoes manufacturer in China - Zungui Haixi said today that the company's auditors Ernst & Young last month to suspend its audit, Canada, the Ontario Securities Commission has been investigating the company. However, the company did not disclose details about the investigation.
August 2011, auditors Ernst & Young to suspend Zungui Haix audit, in order to investigate some of the issues they have identified. Ernst & Young questioned the company's financial irregularities, some of which involved bank documents do not match and can not be accepted by Ernst & Young bank confirmation (confirmations).
Zungui Haixi company said last month that the company's audit committee independent investigation by the organization to deal with the matter. In the past four weeks, the investigation committee has been with the company's CEO Yanda Cai and other internal personnel to several rounds of discussion, and seek their cooperation and assistance.
Zungui Haix company's share price has fallen this year, nearly 90% since August 23, 2011 Zungui Haix announced that its auditor Ernst & Young to suspend the company's audit, the company's stock price has been in a suspended state.
Zungui Haix is a manufacturer of exclusive brands and casual shoes, sports apparel manufacturer in China, founded in 1992, until 2001, the company only opened its first store. In 2009, the company listed on TSX Venture Exchange in Canada. According to Zungui Haix the latest official information published online, the company is currently in China with more than 2,000 stores.
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