Brief: Huazhang Technology Adopts Recommendations Of Committee On Forensic Accounting Review

Huazhang Technology Holding

26/10/2022 16:01

Oct 26 (Reuters) - Huazhang Technology Holding Ltd
 1673.HK :
    * IN H1 2022 MANAGEMENT OF UNIT DISCOVERED CERTAIN ABNORMAL
PAYMENTS BETWEEN ZHEJIANG HUAZHANG, AND 3 COS
    * ON 26 OCT ISSUANCE OF FORENSIC ACCOUNTING REVIEW REPORT
FOR
TRANSACTIONS INVOLVING JIAFU PAPER, YUXIN ELECTRIC & FIBERTECH
    * AFTER INVESTIGATION BY UNIT AS AT 30 JUNE  TOTAL AMOUNT
DUE TO
GROUP AS RESULT OF SUBJECT TRANSACTIONS AMOUNTED TO RMB75
MILLION
    * ACCOUNTANT UNABLE TO CLARIFY RATIONALE BEHIND FUNDING
ARRANGEMENTS BETWEEN ZHEJIANG HUAZHANG, JIAFU PAPER AND YUXIN
ELECTRIC
    * COMMITTEE HAS RECOMMENDED BOARD TO ACCEPT FINDINGS OF
FORENSIC
ACCOUNTING REVIEW
    * INDEPENDENT FORENSIC ACCOUNTANT RECOMMENDS TO ENGAGE PRC
LEGAL
ADVISERS TO SEEK LEGAL ADVICE
    * TRADING IN COMPANY SHARES ON STOCK EXCHANGE WILL REMAIN
SUSPENDED UNTIL PUBLICATION ON ANNUAL RESULTS
    * COMMITTEE OF VIEW CHAIRMAN & CHIEF FINANCIAL EXECUTIVE OF
ZHEJIANG HUAZHANG "FAILED TO DISCHARGE THEIR FIDUCIARY DUTIES"
    * BOARD HAS RESOLVED TO ADOPT RECOMMENDATIONS OF COMMITTEE
    * OF VIEW THAT ISSUES IDENTIFIED IN REVIEW REPORT DO NOT
AFFECT
BUSINESS OPERATION OF GROUP

Source text for Eikon:  ID:nHKS4TMN42 
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