I was hoping for a lesser list than DTT has come up with!
In light of all the short allegations about CCME and Deloitte watch it seems DTT took greater pains to check behind the company statements this year and what they found does not look very healthy.
It looks like the Lins in concert with CEO and Kang, at least, have been up to all sorts of deception.
If the CEO, and whomever else resisted a decent audit be done, had nothing to hide, they would have accepted DTT’s recommendations, since not to do so, predictably and inevitably got us to where we are now, with the prospect of a stock in free fall on recommencing.
Management ignoring DTT was untenable to both Jacky and Dong as they made clear in their resignation letters. The Starr action against the co now just verifies the dirty work that must have went down for me.
Since CEO etc. resisted DTT recommendations, why will they now agree to a forensic audit?
I guess if they want to stay listed in US they will have to clean up the books and business practise?
I had hoped that DTT had resigned under short pressure, too hot to handle, cover their ass etc. but really that was always an unrealistic hope.
DTT is much larger than shorts, they have no ulterior motive, they have just done their job, more stringently this year because of all the doubts as to veracity in this space.
Their trust in management’s statements in 2009 was as unfounded as was ours in 2010.
Dig deeper and you see the worst of China cunning, dishonesty and greed.
This now looks like maybe $2-3 at best stock, short term on recommencing and only more than that if they do try to clean themselves up through an independent audit process and adopt the consequent controls recommendations.
Looks unlikely though, since they seem to have been shown up as conniving, opportunistic crooks stealing our money one way or the other. I don’t see ethical and shareholder friendly behavior here, they will do what they were doing all along – whatever is best for their own self interest.
If that means being able to just walk away with no personal liability or consequence, they will do that I guess.
