Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

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.

Register
To receive FREE breaking news email alerts for Qiao Xing Universal Telephone Inc and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Swiss drug maker Roche Holding said a late-stage trial of its breast cancer drug Kadcyla did not provide superior results compared with an existing therapy. FCA US, until recently known as Chrysler, said Friday it is recalling 257,000 Dodge Ram pickups. The auto maker says the rear axle pinion nut on certain model year 2005 Dodge Ram 1500 trucks may loosen due to an undersized spline on the pinion gear. If the pinion nut loosens, the rear axle may... This medical device company has a very impressive track record of growing business over the past decade. increasing sales from $490.2 million in 2004 to $1.72 billion this year. The Silicone Hydrogel daily disposable lens portfolio constitutes a major avenue for growth.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.