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CFO Resignation Prompts China Metal to Seek Review of Earnings

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CFO Resignation Prompts China Metal to Seek Review of Earnings

by CFO Innovation Staff, 19 November 2009
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China Metal Recycling Holdings Ltd., the country's largest recycler of scrap metal by sales, has asked Deloitte Touche Tohmatsu to review its January-September earnings after CFO Wong Hok-leung resigned, reports The Wall Street Journal. Wong claims he was denied access to the company's financial information.

 

Wong's resignation caused the company to plunge in Hong Kong trading. According to the China Post, the shares fell 24%, the most since the stock debut in June, to close at HK$8.57. It earlier fell as much as 45%.

 

In a statement obtained by the Journal, China Metal says that Wong's allegations were "wholly unfounded," adding that his resignation won't have any impact on its operations. According the company, Wong wasn't able to access the company's financial data because of security upgrades to its computer servers.

 

According to the Journal, China Metal is considering taking legal action against Wong as a result of his allegations against it.

 

The company has named Lam Po Kei as CFO to succeed Wong, says the Journal.
 

Original Article URL: 
China Metal Asks Auditor for Review as Finance Chief Leaves
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CFO Innovation Staff
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