Lihua International Inc fka LIWA

[hondaboost]

Although the combined internal ledger balances of the subsidiaries reportedly showed combined assets of RMB 1,695.3 million, combined liabilities of RMB 1,538.7 million and combined equity of RMB 156.6 million, Asia Pacific determined that the combined assets were RMB 719.2 million, the combined liabilities were RMB 1,484.9 million for a combined deficit of RMB 765.6 million.


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The subsidiaries had borrowed money from ten banks, or had conducted capital raising through issuing letters of credit, and that the aggregate bank debt outstanding was RMB 1,112.9 million.[/b

Vast liabilities and Debts, it's finished!