iBankCoin
Joined Nov 11, 2007
31,929 Blog Posts

Another Chinese Fraud: China Intelligent Lighting (CIL)

This is getting ridiculous.

Co announced that its engagement with its registered independent accounting firm, MaloneBailey, has been formally terminated. Co has begun to seek to retain a new auditor. The Resignation Letter described MaloneBailey’s resignation being due to accounting fraud involving forging of the Company’s accounting records and forging bank statements, in addition to other discrepancies identified in the Company’s accounts receivable. On March 24, 2011, Michael Askew resigned as a member of the Board of Directors of the Company, effective immediately, including his position as the Chairman of the Company’s Audit Committee. On March 24, 2011, the Company received a preliminary information request from Amex requesting additional information. The Company intends to fully cooperate with NYSE Amex regarding this matter… Co was also recently notified by the staff of the SEC that it has initiated a formal, nonpublic investigation into whether the Company had made material misstatements or omissions concerning its financial statements, including cash accounts and accounts receivable… In light of these events, the Board of Directors of the Company has formed a Special Investigation Committee consisting of independent members of the Board of Directors to launch an investigation with respect to the concerns of MaloneBailey.

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