And Its Gone: Fraud Goes Unpunished In China And It Repeats – ValueWalk Premium

And Its Gone: Fraud Goes Unpunished In China And It Repeats

Fraud goes unpunished: A trend appears to be emerging in China, one where “the dog ate my homework” excuse for losing years’ worth of financial documents so that audited financials are impossible – and fraud investigations are stalled.

 Fraud Goes Unpunished
Fraud goes unpunished: the dog ate my homework
In a report titled “And It's Gone: Chinese CFO Corzines 1 Billion Yuan From His Own Company,” Zerohedge notes a story that would be hilarious if it didn’t involve investors losing money at the hands of corporate fraudsters.

Perhaps the poster child of such ill-begotten is China Animal Healthcare. You see, as a truck packed with four years’ worth of original corporate financial documents was on its way to Beijing, the truck driver decided to take lunch. When he returned, the truck and its incriminating documents was stolen.

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