Thursday, April 3, 2025
9.5 C
London
HomeFinTechPhoslock Environmental Technologies: Continues probe of dubious China operations

Phoslock Environmental Technologies: Continues probe of dubious China operations

Date:

Ripple Integrates Stablecoin to Enhance Cross-Border Payments Platform

Discover how Ripple's latest stablecoin integration is set to...

Visa Proposes $100 Million to Apple: A Move to Ditch Mastercard

Exploring the Implications of Visa's Bold Financial Offer to...
  • Phoslock Environmental Technologies continues to dig through its China operations after accounting irregularities uncovered in September
  • Auditor KPMG has found false accounting and falsification of invoices and service contracts, as well as potential improper tax reporting and misappropriation of funds
  • Several more China-based employees wereeither stood down or terminated in relation to the irregularities
  • PET has also appointed a corporate finance consultant specialising in financial due diligence to its China bureau to assist in cleaning up its operations
  • The company has also signed a memorandum of understanding with a Thai distribution company for development work in Thailand
  • Phoslock Environmental Technologies shares remain suspended; they last traded for 24.5 cents on September 17

Related stories

spot_img

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories