It seems a lot has happened with this ticker since I last posted here.
On June 6, 2012, the Board of Directors reported that it had replaced the entire previous Board and management.
Since that date Mr. Tsap Wai Ping, Yinfu’s President, CEO and Sole Director has attempted to retrieve the Company’s vital corporate files from previous management and the Auditor under that management, Parker Randall CF (H.K.) CPA Limited, Chartered Accountants. Specifically, on June 12, 2012, the new President Mr. Tsap Wai Ping requested the immediate return of all of the Company’s accounting, computer and corporate records from the former board and from the Company’s former Auditor. See Exhibits 99.1 and 99.2
As of this filing, no member of the previous Board nor Parker Randall has offered any cooperation. Due to this failure on the part of the previous Board of Directors and the Auditor, Yinfu Gold Corporation regrets to report that it is unlikely the Form 10-K will be filed within the prescribed time.
The failure of the previous Board to fulfill its fiduciary responsibilities to the Company and its shareholders also makes it impossible to confirm the Company’s actual ownership of the Penglai mine as reported by the previous Board. The Company is, therefore, forced to reverse and cancel the Joyous Fame acquisition, along with the shares.
Yinfu Gold Corporation has now filed a Police Report with the Hong Kong Police respecting the missing Company accounts, documents and files, (See Exhibit 99.3) and will be immediately instituting legal action against all former Board members and the former auditor, Parker Randall in Hong Kong and in the State of Wyoming.
On July 9, 2012, the Company was contacted by the US Securities Commission regarding the fact that a letter from the resigning Auditor (See Form 8-K filed June 15, 2012) required pursuant to Item 304 (a) (3) of Regulation S-K has not been submitted to the SEC. Despite a previous request from the Board of Directors, Parker Randall has not complied with the request and regulation S-K. The only response from Parker Randall was a letter from an attorney for Parker Randall. (See Exhibit 99.4. The Board has sent a second demand letter to Parker Randall. (See Exhibit 99.5)
Additionally, as a result of the fact that the former Acting CFO, Charles Lam’s signature was used without his consent in several SEC filings, (June 15, 2012 8K filing) the Company is forced to re-audit 2010 and 2011 with a new independent auditor.
