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Best Disclosure Ever?


Guest Hester
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http://westkootenaiinvesting.wordpress.com/2012/02/29/best-disclosure-ever-2/

 

I report you decide.

 

China Infrastructure Investment Corporation

 

On September 21, 2011, the Company received a letter of resignation from Mr. Lei Li, who was the Chief Financial Officer of the Company at the time.  Although the Company did not accept Mr. Li’s resignation, Mr. Li did not continue to perform his duties as Chief Financial Officer for the Company.

 

 

 

On December 15, 2011, the Board of Directors was informed that Mr. Li submitted a resignation letter on September 21, 2011 and had ceased working for the Company immediately after such submission.  It was also brought to the attention of the Board of Directors on December 15, 2011,  that the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2011 filed on October 13, 2011, its Quarterly Report on 10-Q for the quarter ended September 30, 2011, filed on November 14, 2011 and its Annual Report on Form 10-K/A for the fiscal year ended June 30, 2011, filed on November 14, 2011, all of which included Mr. Li’s signatures had in fact not been prepared or reviewed by Mr. Li, and Mr. Li had not personally signed such reports or consented to the use of his signature on such reports.

 

 

 

The Board of Directors has authorized the Audit Committee of the Company to conduct an internal investigation into the foregoing matter.

 

 

Full filing: http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=8295448-1066-7454&type=sect&dcn=0001144204-11-070296

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Makes you wonder about what they don't disclose...

 

Hypothetically, such as: If by some strange twist of fate, we do make an economic profit, it will also be siphoned to my brother-in-law who will pass it on to the local officials and the traditional moneylenders who would otherwise break his legs and castrate his firstborn son and mine as well.

 

:-X

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Makes you wonder about what they don't disclose...

 

Plenty. I've done a ton of research on this company and I have to take a shower everytime I open their SEC filings because their accounts are so dirty.

 

-The founder/president of their accounting firm defrauded a bank in the 90's and over half their public clients are Chinese RTO's.

-They are heavily indebted, and still they decided to loan a huge amount of money to the CEO's personal private companies.

-These loans equal more than shareholder's equity.

-The CEO's private companies stopped paying interest on the loans months after they were loaned.

-Since then 60% of principle on the loans has been written off.

-They share exact addresses (same building, room number and everything) with another Chinese RTO that went bankrupt, then converted to a different business and quickly admitted to inflating revenue.

 

Refusing to let the CFO quit and then just forging his name on the 10K might take the cake though.

 

It blows my mind that there are enough people out there willing to give this company a $100 million valuation just months ago, and a $400 million valuation just a few years ago. But I guess those people need to exist for people like me to make money.

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