these directors should be put in jail......and thorough investigations of all assets of these directors should be carried out now....

Records destroyed at Chinese listed companies

Article from The Business Times (Singapore), December 19, 2012, "Cruel fates send China Paper trail up in smoke" from Kenneth Lim:

 Chinese companies in the corporate governance 

spotlight just 

can't seem to catch a break. 

The latest victim of unfortunate circumstances is China Paper Holdings, which said this week that a fire from a short circuit had broken out on one of its properties and, if that was not bad enough, destroyed financial records for all of 2011 and the first eight months of 2012.

For a company that has come under fire (the metaphorical kind) for ints investment plans and fund-raising decisions; is facing a difficult year ont he profits front (or at least until reconstructed accounts can state again); and whose financial controller left on Nov. 30 "to pursue personal interests", thiis mishap is inopportune.

Could the gods be any more cruel?

..... China Paper will now have to wait an estimated four to six months - nothing short of a lifetime - to get the truth out. 

That is how long the company estimates it will need to reconstruct its financial records. This is awfully inconvenient.

..... The fact that a number of Chinese companies that have come under scrutiny have also had the misfortune of meeting with records-destroying accidents - Sino Techfibre and China Sun Bio-chem Technology Group being two others in recent years - shows how circumstances have conspired to make life even tougher for those already under pressure. Life can be terribly unfair.

The company just issued 907,922,418 (!) new shares due to a rights issue at SGD 0.036 (!).

VVVVVVVVVVVVVVVVVV

WHAT WE HV LEARNT  FROM THESE  CHINESE-LISTED-COMPANIES ARE

THEY ARE NOT HONEST IN THE SENSE OF "FRAUD ACCOUNTING "

BUT YOU CAN SEE AND SURE THAT THE AUTHORITIES CAN NOT DO ANYTHING OR DO NOTHING......................

QUARTERLY REPORTS SHOULD  BE IMPOSED TO ALL LISTED COMPANIES...AND HEAVY PENALTY SHOULD BE IMPOSED....1/2 A MILLION AND 1 MILLION FINE FOR THESE CROOKS................  

AND  THEY SHOULD BE PUT IN "ALERTED ZONE"  (RED ZONE) WITH MARK OF ZZZZZ  (ANY LISTED COMPANIES NOT PROVIDED ACCOUNT IN TIME)