24 May '11, 1pm

(TODAY) COSCO hit by parent firm's accounting woes

SINGAPORE - Shares in Singapore-listed COSCO Corp plunged in heavy volume yesterday, hit by news of accounting irregularities at its parent, the state-owned China COSCO Group, and concerns over pending orders from a Norwegian customer. COSCO shares fell 14 cents, or 6.9 per cent, to S$1.89 each, under-performing the 1.8-per-cent fall in the Straits Times Index. About 42.7 million shares changed hands, making it the fifth most actively traded counter. The China COSCO Group said yesterday that a national audit had found improper accounting procedures at the shipping giant from 2001 to 2009 but added it had rectified some of the issues and did not anticipate any material impact on its past earnings. The announcement came after China's National Audit Office said on Friday that accounting irregularities were uncovered in a nationwide audit of some state-owned enterprises. The s...

Full article: http://www.todayonline.com/Business/EDC110524-0000296/COS...

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