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+--- Thread: Ambow Education escapes from liquidation and could resume trading soon (/showthread.php?tid=6685)
Ambow Education escapes from liquidation and could resume trading soon - avunculus - 05-18-2014
a Chinese company faced fraud accusation (mentioned in Robert Zangrilli's short article on SA) and has been halted for more than a year. Their previous auditor was PwC, who resigned during the crisis. Ambow's provisional liquidators hired DLA Pipa to come up with a clean report. looks like: 1.even investing in a "clean" small Chinese company has substantial risk; 2. an independent lawyer's report (taking a year to complete) is far more important than what an auditor says and does. not sure whether it is relevant to the NQ case.
related links:
http://edu.qq.com/a/20140401/018234.htm (in Chinese)
RE: Ambow Education escapes from liquidation and could resume trading soon - maplell2002 - 05-19-2014
Thanks for this. I think it also tells us when PwC delay or resign, it doesn't always mean the company is fraud.
RE: Ambow Education escapes from liquidation and could resume trading soon - avunculus - 05-19-2014
yeah, the auditors are just count-potatos. they can't tell whether a company is a fraud or not after all their work is done. the lawyers have much more weight.
'maplell2002' pid='43522' datel Wrote:Thanks for this. I think it also tells us when PwC delay or resign, it doesn't always mean the company is fraud.