Replies to post #18510 on Hyperdynamics Corp (HDYNQ)

[tdbowieknife]

After they pay the $75,000 fine it's done and over... No more SEC monkey on the back of Hyperdynamics...

Without admitting or denying..

1. Hyperdynamics failed to accurately record certain payments made by its subsidiary based in the Republic of Guinea. The company initially recorded the payments as public relations and lobbying expenses to unrelated third parties without evidence that such services were actually performed. The company later determined that its Guinean-based employee controlled the third party entities, but did not record the payments as related party transactions. Hyperdynamics also failed to implement or maintain a system of adequate internal accounting controls to track the subsidiary's use of funds, as well as to determine whether the company's subsidiary paid related parties. The company's internal accounting controls also failed to provide reasonable assurances that Hyperdynamics's recording of such expenditures was accurate.

http://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=934289
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