PANTOMIME VILLAINS
- From: Vol 11, Issue 12 (December 2010)
- Category: Need to know
- Region: Asia
- Country: Australia, China and Malaysia
- Related Companies: Asia Water Technology, Bio-Treat Technology, China Water Company, Duoyuan Global Water, RINO International Corp., Salcon Bhd and Thiess
* Chinese industrial wastewater specialist RINO International Corp. was delisted from Nasdaq this month after “catastrophic flaws” were found in its accounts.
It seems that the management – which has raised $200 million from investors since its 2009 IPO – had inflated revenues tenfold. After Bio-Treat, Asia Water Technology, China Water and Drinks, and the recent scare at Duoyuan Water, it is a wonder that any foreigner would ever consider investing in a Chinese water company. Only the insiders ever seem to make money ...
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