27 Feb '11, 12am

Hongwei Technologies reveals audit issues: ... The announcement comes a day after sports apparel maker China Hon...

SINGAPORE - Another S-chip has found irregularities in its Chinese accounts, the second in as many days. In a filing with the Singapore Exchange on Saturday, polyester fibre maker Hongwei Technologies said its auditor Ernst and Young brought up "issues pertaining to the cash and bank balances confirmation" in its Chinese subsidiary Shuangli (Xiamen) Polyester Co Ltd. The announcement comes a day after sports apparel maker China Hongxing Sports said it would be appointing an independent special auditor to investigate its affairs after uncovering irregularities in the accounts of subsidiary companies in China. Hongwei Technologies has commenced a fact-finding process to address the auditors' concerns and appointed them to "carry out an expanded scope audit," it said in its filing. It said it would take necessary measures to safeguard the company's assets but did not elaborat...

Full article: http://www.todayonline.com/Business/EDC110227-0000147/Hon...

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