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
Consumers spent less in July than in the previous month, a surprise retreat that complicates the prevailing belief that the U.S. economic situation is improving. Along with the unexpected drop in spending, government figures released on Friday showed that incomes rose at a slower pace in July than in the previous month. Meanwhile, data on prices indicated that inflation pressures remain tame. India's economy grew faster-than-expected in the three months to June and at the strongest pace in two years, preliminary figures from the Central Statistics Office revealed Friday. Gross domestic product grew 5.7 percent in the April to June quarter, which exceeded economists' forecast for 5.5 percent expansion. The economy grew 4.6 percent in the previous three months. Eurozone inflation slowed as expected in August on falling energy prices giving room for the central bank to support demand and economic recovery without stoking inflation and help the region to create more jobs. The unemployment rate remained unchanged at an elevated level in July. Nonetheless, it was at the lowest since September 2012.
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.