China Minzhong Food Corporation

[pianist]

i tot i saw one of the top 20 shareholders is a NUS professor, true?

[minimax]

http://www.2ycapital.blogspot.sg/2012/04...-pile.html

I have the opportunity to speak to one of my friends from the forensic department in a big 4 accounting firm.

She has spent her last 10 years doing audit on Chinese firms in China. She told me that nowadays, as part of the audit, they need to send a staff down to the bank personally and physically to do bank confirmation.

One of her junior staff was recently 'detained' by the bank for 4 hours in the course of doing this.

The reason why auditors can no longer rely on faxed bank confirmations is due to wide spread collusion between the bank manager and the company.

As such, auditors can no longer rely on bank confirmations or statements sent to them by the bank. In addition, when the auditors visit to the bank, instead of looking for a particular person as instructed by the company, the auditor is actually suppose to look for a random person sitting at the bank counter to ensure there is no collusion!

What a waste of resources but a harsh reflection of how rampant the situation has become. Imagine auditors having to go down personally to the bank to "sight" the cash?!

[BestPrice]

I just did a search through NUS staff directory, you could be right unless is a different person with the same name.

i tot i saw one of the top 20 shareholders is a NUS professor, true?

[dzwm87]

No offence but professor doesn't mean the best investor.

[pianist]

it means professor has a lot of money (fr taxpayer money) to burn? or they got too much free time to trade stock?

[Wildreamz]

One thing I don't like is, their response time is really really slow.

Take 4-5 days to respond? And the management don't even give any assurance at the mean time.

What are they doing?

[Ray168]

Understand your anxiety.... but we have to be patient and let the management study the Glacacus report properly and craft out a rebuter point by point.

IMO, SSH and management are more kangcheong than retail investors as $318M wide out due to this saga.

IndoFood has said that they are not worry as they have dine the due dligent. This give me a a sense of comfort.

Patient...

One thing I don't like is, their response time is really really slow.

Take 4-5 days to respond? And the management don't even give any assurance at the mean time.

What are they doing?

[pianist]

http://www.2ycapital.blogspot.sg/2012/04...-pile.html

I have the opportunity to speak to one of my friends from the forensic department in a big 4 accounting firm.

She has spent her last 10 years doing audit on Chinese firms in China. She told me that nowadays, as part of the audit, they need to send a staff down to the bank personally and physically to do bank confirmation.

One of her junior staff was recently 'detained' by the bank for 4 hours in the course of doing this.

The reason why auditors can no longer rely on faxed bank confirmations is due to wide spread collusion between the bank manager and the company.

As such, auditors can no longer rely on bank confirmations or statements sent to them by the bank. In addition, when the auditors visit to the bank, instead of looking for a particular person as instructed by the company, the auditor is actually suppose to look for a random person sitting at the bank counter to ensure there is no collusion!

What a waste of resources but a harsh reflection of how rampant the situation has become. Imagine auditors having to go down personally to the bank to "sight" the cash?!

just curious what kinda actual onsite bank confirmation was carried out by the auditor at the company's bank premise?
do u mean count cash?

[Wildreamz]

Understand your anxiety.... but we have to be patient and let the management study the Glacacus report properly and craft out a rebuter point by point.

IMO, SSH and management are more kangcheong than retail investors as $318M wide out due to this saga.

IndoFood has said that they are not worry as they have dine the due dligent. This give me a a sense of comfort.

Patient...

Thanks.

I think their announcement this morning is very vague:

The Company is in the process of collating relevant supporting documents and preparing its
Response, and expects to release the same before the end of this week. In this connection, the
Company has obtained an extension from the SGX-ST to extend its trading halt to 5:00 p.m., 30
August 2013 (Friday).

So are they releasing the Response the same time as the Report? Or before the end of this week, ie tomorrow? I don't understand.

What I think they should do is, I feel, releasing a super convincing report & response today (if they can), and arrange for a press meeting tomorrow with their key management and independent directors to settle thes issues once and for all.

[Ray168]

They are 2 parts:

1. Release fullyear report by today. (still waitng...)

2. Yes, I think the company will response point by point with evidents to support its proof, latest this week. So it can be by to Sunday mid-night....

We just need to be patient and wait for the management annoucement and its action. I think all the directors, legal team and SSH are working round the clock now.

Yes, a press conference will be good.

Have faith...

Quote:The Company is in the process of collating relevant supporting documents and preparing its
Response, and expects to release the same before the end of this week. In this connection, the
Company has obtained an extension from the SGX-ST to extend its trading halt to 5:00 p.m., 30
August 2013 (Friday).

So are they releasing the Response the same time as the Report? Or before the end of this week, ie tomorrow? I don't understand.

What I think they should do is, I feel, releasing a super convincing report & response today (if they can), and arrange for a press meeting tomorrow with their key management and independent directors to settle thes issues once and for all.