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silvermansac ( Date: 10-Jun-2013 14:39) Posted:
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Hi Friends and Advisor,
Anybody Know china milk product Limited. What will happen to those they invested in this china milk. last three years the counter is suspended.
My friend invested in this counter 30lot still ?
Please Advise
Anybody Know what will going to happen to this stock.pls advice
China Milk Products Group Limited (In Provisional Liquidation) (“Company”)
(Incorporated in Cayman Islands)
Deadline for Submission of the Resumption Proposal pursuant to Rule 1304 of the
Listing Manual
The Joint Provisional Liquidators of the Company (“Provisional Liquidators”) refer to the
Company’s announcement dated 31 August 2011 (“Announcement”) in relation to their
appointment to the Company pursuant to an Order made by the Grand Court of the Cayman
Islands on 22 July 2011.
The Provisional Liquidators announce that the Singapore Exchange Limited (“SGX”) has
drawn the Company’s attention to the Rule 1304 of the Listing Manual of the SGX which
states that if an issuer is suspended due to its inability to continue as a going concern or its
inability to demonstrate to the SGX and its shareholders that it is able to continue as a going
concern, it must submit a proposal to the SGX with a view to resuming trading in its
securities (“Resumption Proposal”) within 12 months of the date of suspension.
The Company’s trading of its securities was suspended on 12 February 2010. The SGX is
now giving the Company a final opportunity to submit the Resumption Proposal on or before
9 July 2012. Failing which, the SGX reserves the right to remove the Company from the
Official List.
The Provisional Liquidators are not in a position to advise whether the Company will be able
to submit the Resumption Proposal on or before 9 July 2012 at this stage.
Appropriate announcements will be made as and when there are further developments.
Cosimo Borrelli
Joint Provisional Liquidator
13 June 2012
iPunter ( Date: 31-Jul-2011 11:52) Posted:
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Yup... and this will be the end of
those interesting days we knew...
Hulumas ( Date: 12-Jun-2011 10:03) Posted:
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What's up next for this counter.
Will suspend forever?
Anyone any idea?
| flyersummer ( Date: 12-Jun-2011 07:30) Posted: |
SGX IS HELPLESS N CLUELESS - THIS S-CHEAT ALREADY EMPTIED THE BANK ACC B4 SPECIAL AUDIT!
Business - 10 Jun 2011
Auditors spill the milk on China firm
KPMG's report on China Milk reveals irregularities in transactions and payments
By LYNETTE KHOO
(SINGAPORE) Special auditors of China Milk have unravelled several irregularities in the company's transactions and found significant payments made without board approval and documentation.
A damning report released yesterday details sloppy corporate governance and non-compliance with listing rules and accounting standards in the group.
But, in an unusual move, it was the Singapore Exchange (SGX) that released the report. SGX said that it did so after China Milk's audit committee 'did not take prompt action' despite a reminder to release the report by 5pm yesterday.
SGX had on April 5 last year instructed China Milk to appoint special auditors to probe its state of affairs. This followed the group's failure to inform SGX of the outcome of a cash audit, after China Milk defaulted on its convertible bonds for failing to meet repayment obligations amounting to US$170 million.
The group had assured then that it had enough cash within China to settle the repayment but there was 'administrative' delay in remitting the funds.
But KPMG said in its findings that China Milk did not have sufficient funds to meet its liabilities to the bondholders as its consolidated bank balances as at Feb 12, 2010, was US$85 million.
The special auditors reviewed four major financial commitments totalling US$203.4 million that China Milk had struck since March 2009.
There were no minutes to suggest that the board was properly apprised and due diligence was undertaken before the agreements were signed and payments made, KPMG said.
One of the projects was a joint venture agreement for a 40 per cent stake for about US$20.6 million. KPMG found that the group spent substantially more and there was no meaningful documents to prove the completion of the acquisition.
The group's main operating subsidiary, Daqing Yinluo Dairy Co Ltd (DQYL), also spent about US$72.8 million to secure land use rights, work the land and cultivate alfalfa, a herbal crop. But the amount spent on working the land and for cultivating alfalfa totalling US$52.2 million was not announced by the group, KPMG said.
Another US$72.9 million was spent on improvement works to the farm and facilities. But DQYL was not able to identify the improvement works performed during the auditors' visit, KPMG added.
China Milk also spent US$37.1 million to buy replacement cattle around February and March 2010. Ironically, KPMG found that the group's population of cows fell by about 53.5 per cent over 12 months between April 2009 and March 2010.
The dairy cows purchased were also found to be of similar average age of five years, instead of the average age of two years as claimed by the cattle broker whom KPMG interviewed.
Undisclosed expenditures on grassland improvement and cultivation of alfalfa run up to at least 355 million yuan, close to the group's full-year net profit of 382.5 million yuan for the year ended March 31, 2009.
'In our view, the undisclosed expenditure is a significant expenditure which would materially affect the value or price of the company's securities had this been announced by the company,' KPMG said. 'As such, we are of the opinion that the undisclosed expenditure should have been disclosed.'
KPMG said that its investigations 'encountered numerous obstructions', ranging from an uncooperative bank manager to a dodgy main contractor allegedly engaged by DQYL.
Further visits to DQYL after June 22, 2010, were thwarted by group CEO Liu Hailong, who took the view that KPMG was acting outside the scope of its engagement, KPMG said.
'The perception we formed cannot be said to be a company ready to be transparent in its commercial affairs,' KPMG said in its report. 'It is also apparent to us that the company failed to reach the high prudential standards expected by the exchange of a public listed company.'
Do I have to go to china physically to know china by now, our china conosieur was challenging us if we have been to china.......LOL
Please don't let china be in the international finance platform/Hub. Articles have been saying that the bankers were not co operating because they themselves were rotten.
the special unit to do the checking, I think is better to bring a body guard along
There is a way to ratify and gain international recognition, that is the china govt set a rule for the fraud squad accounting expert right to check the accounting books and any authority concerns when a company is suspected to be manupulating its accounts.
................But this is China
KPMG report is out..... see fresh article at www.nextinsight.net
I guess you know that the CFO quited before the last AGM when the CEO didn't even bother to attend.
How much can SGX do to make it become good guy and co operate.
The Chinese are notorous in " run road" . 魂 都 不 见 ， 要 招 魂 " need time
As announced on 16 April 2010, as directed by the Singapore Exchange Securities Trading Limited (“SGX-ST”), the Company had appointed KPMG Advisory Services Pte Ltd as its special auditors to carry out an independent review of the Company and its subsidiaries in accordance with Rule 707(12) of the Listing Manual (“Special Audit”).
How come there is still no audited results or outcome from KPMG? The auditing on China milk already takes more than a years.
Salute ( Date: 18-Apr-2011 00:19) Posted:
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omg.
壞 人 当 清 官 。 真 了 不 起 中 国 人 。 去 别 国 骗 钱 ， 不 道 歉 也 吧 ， 还 公 开 指 人 家 错 。 一 等 下 流 。
beruangface ( Date: 17-Apr-2011 16:54) Posted:
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Vested at 0.395 just in Jan 2010 thinking this would be bearish..
Now i just console myself, take it as i went to MBS and lost $4k.. Sigh.. U really need to beware of some S chips..
Hulumas ( Date: 06-Mar-2011 19:31) Posted:
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Below is the annoucement from China Milk CEO on Oct 2010, the counter is already suspended since Feb 2010, how the hell shareholders and potential shareholders are going to exercise caution? I think he is an idiot, Singapore government should bring him back to Singapore court and sue him for misappropriation of cash and fradulent acts!!
Shareholders and potential investors are strongly advised to exercise caution when dealing with
the shares of the Company, particularly, in view of the default by the Company in meeting its
payment obligations under its convertible bonds on time. When in doubt, Shareholders and
potential investors are advised to seek independent advice from their bankers, stockbrokers,
solicitors or other professional advisers.
By order of the Board
CHINA MILK PRODUCTS GROUP LIMITED
LIU HAILONG
CHIEF EXECUTIVE OFFICER
20 October 2010