april through to june. 64 mil shares was tranferred by the father.
yet a few months later, the auditor confirm...cash is there in the bank.. value the shares at $0.12 per share cash.
The material cash balances were confirmed directly with the banks in accordance with auditing standards.
unless, the bank was in on fraud as well. which is highly unlikely. whats in it for the bank??
perhaps, the father had some personal debts he had committed to before IPO and have to transfer the shares. Him and his other sons does live in Macau, a gamblers paradise, they are also taiwanese.. nortorious with triad. maybe the chinese triad (mafia) now hold those shares as collateral. or the shares was transfer to the other 2 sons and mistress as part of their inheritance.
why would the owners sell the shares externally at 3.7 cents when the audited cash per shares is 12 cents ???
if the triad is involve, chinese police will get involve sooner or later.. perhaps that is why the owners is not talking..
regardless if the company is a front for the triad or not, it is a profitable business and shareholders is entitle to part of the profit.
XPD Price at posting:
3.3¢ Sentiment: Hold Disclosure: Held
