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) 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

Quick Facts

Editors Pick
Bank of Nova Scotia or otherwise known as Scotiabank, Friday reported lower net profit for the third quarter, in the absence of a year-ago gain. Earnings per share, however, came in line with the Street view. Further, the company said it raised its quarterly dividend by 2 cents. Non-traditional discount and variety stores operator Big Lots Inc. (BIG) Friday reported a decline in net profit for the second quarter, while net sales grew 1.2 percent from the prior year. Comparable sales for the quarter increased 2.8 percent. Google has rejected the European Union's charges that it abused its market power and the demanded that it change the way it ranks online comparison shopping services in its search results, setting up a potentially long legal battle with the EU regulator empowered to levy billions of euros in fines
comments powered by Disqus
Follow RTT