China-based mining company Qiao Xing Universal Resources Inc. (XING) said Friday its Audit Committee has decided to begin an internal probe into transfer of funds from the bank account of the company's unit to an account controlled by former Chairman Wu Rui Lin in June 2011.
The company said the transaction was undertaken without notice to or approval of the Audit Committee or the Board of Directors, and the transaction was recently reported to the Audit Committee in connection with the preparation of the company's year-end financial statements.
The Audit Committee has ordered immediate return of the funds. In addition, the company informed NASDAQ and the U.S. Securities and Exchange Commission of the matter under investigation.
The Audit Committee also decided to review certain transactions involving the pledge or transfer of company assets and to confirm cash balances of the company's bank accounts.
NASDAQ has suspended trading in XING's stock as of April 16, 2012.
Also, the company said that. Edward Tsai, director and chairman of the Audit Committee, has resigned as of April 18. Tsai's resignation is occasioned by his disagreement with the other directors of the company on the conduct of the internal investigation referred to above.
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