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2006-8-8 05:06:00 p.m. HKT, XFNA
Hong Kong-listed Ocean Grand liquidators' report show possible irregularities
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HONG KONG (XFN-ASIA) - Ocean Grand Holdings Ltd said the preliminary
findings by the provisional liquidators appointed by the company revealed the
possibility of certain accounting irregularities in its accounts and those
of unit Ocean Grand Chemicals Holdings.
Ocean Grand and the unit are currently being investigated by the Hong
Kong authorities for alleged irregularities and have appointed Deloitte
Touche Tohmatsu International as their provisional liquidators.
Ocean Grand said in a statement that Deloitte held a meeting with the
bank creditors of Ocean Grand and unit last Friday, during which the
preliminary findings of the liquidators were presented on a confidential
basis.
Based on the findings, liquidators said ""there is likely to be a
significant shortfall of assets"" in Ocean Grand and the unit.
""There might have been certain accounting irregularities in the
accounts ... based on present estimates, there is likely to be a significant
shortfall of assets in Ocean Grand and Ocean Grand Chemicals,"" it said.
The preliminary findings have been submitted to the Commercial Crime
Bureau.
(1 usd = 7.8hkd)
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