- 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
Phoslock Environmental Technologies: Continues probe of dubious China operations
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