NihilismIt is a 'dog has eaten my homework' type of excuse.SSI...

Nihilism

It is a 'dog has eaten my homework' type of excuse.

SSI was suspended on 2nd August 2010 for not submitting its quarterly.

On 3rd August SSI announced that the reason was: "We have not received the necessary information from Shanghai Kelo Investment Management Company . . . , the Chinese subsidiary of SSI."

Guess what.

In spite of subsequent suspension for over two years, seven days ago (28 Sept) SSI announced it had not received the same necessary information from Shanghai Keo Investment Management Company.

The announcement of a week ago closes with this shambles of undone jobs: "The Company’s accountants and auditors in Shanghai are giving priority to and are in the process of the preparation and audit of the Annual Report for Year Ended 30 June 2010, the Half-Year Report for 31 December 2010, Annual Report for Year Ended 30 June 2011 and Half-Year Report for 31 December 2011 (the Late Reports). The preparation of the Report, Annual Financial Statements for YE 30 June 2012, will commence as soon as the Late Reports have been completed."

One can hope that Richard Li, a director of SSI, appreciates how damaging delays caused by suspension are to shareholders.