logo
Share SHARE
FONT-SIZE Plus   Neg

Qiao Xing To Probe Funds Transfer By Former Chairman - Quick Facts

China-based mining company Qiao Xing Universal Resources Inc. (XING: Quote) 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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Firearms maker Smith & Wesson Holding Corp. (SWHC), Tuesday reported a drop in profit for the third quarter, as revenues and margins declined reflecting lower sales of long guns. However, earnings for the quarter came in ahead of Wall Street estimates as did revenues. Moving ahead, the company boosted... Target Corp (TGT) on Tuesday said it plans $2 billion of cost savings over the next two years, mainly at its corporate headquarters, as the discount retailer strives to boost profit and become a leaner outfit. Reports said that about $500 million of the savings would occur in the current year, and... Bob Evans Farms Inc. (BOBE) on Tuesday reported a drop in a profit for the third quarter, despite growth in revenues, with both earnings and revenues falling short of expectations. Moving head, the restaurant chain lowered its fiscal year 2015 outlook. Shares of Bob Evans Farms plunged over 18 percent...
comments powered by Disqus
Follow RTT