Investigation report by Audit Investigation BoardFRC press release
Financial Reporting Council, 17-Mar-2011
The facts in this document are consistent with the listing document for Asian Citrus (0073), including the fact that it was not a prospectus, because no shares were issued in connection with the listing. Notably in para 3.6.4 the listco denies any duty of care to the existing public and claims that investors should not rely on the Listing Document. The AIB rules that the Accountants' Report should have adjusted EPS on the face of the income statement for the stock split which occurred after the year end but before the date of the report. The reporting accountant of Asian Citrus was Baker Tilly Hong Kong Ltd.
Asian Citrus fiasco
We look at the background of Asian Citrus, owner of a former Tropicana orange plantation in Guangxi, whose lease was terminated in mysterious circumstances, and the chaotic HK debut last week in which HK$291m changed hands at inflated prices. In response to numerous investor e-mails we consider what action they might take. The HK Law Reform Commission has proposed allowing class actions - add your voice to that. (30-Nov-2009)
Statement regarding the shares of Asian Citrus
HKEX, 26-Nov-2009
There you go, they DO comment on individual cases. Occasionally.
Asian Citrus halted on HK debut
Bloomberg, 26-Nov-2009

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