Brief: Darco Water Technologies Says Got A Whistleblower Report Concerning Unit In China

Darco Water Technologies

24/06/2021 16:04

June 24 (Reuters) - Darco Water Technologies Ltd  DRWT.SI :
    * RECEIVED A WHISTLEBLOWER REPORT CONCERNING SUBSIDIARY IN
CHINA
    * BASED ON PRELIM INVESTIGATIONS BY CO,MODIFIED FY2019
ACCOUNTS
SUBMITTED TO A CHINA BANK MISREPRESENTED TRUE FINANCIAL
PERFORMANCE OF UNIT
    * AS FAR AS BOARD IS AWARE, EXECUTIVE CHAIRMAN & TWO OTHERS
ADMITTED TO EXISTENCE & SUBMISSION OF MODIFIED ACCOUNTS
    * INVOLVED PERSONNEL HAVE ASSURED NO PERSONAL BENEFITS WERE
DERIVED
    * BOARD REGARDS ACT OF MODIFYING AUDITED ACCOUNTS AND
SUBMISSION
AS "WHOLLY UNACCEPTABLE AND A SERIOUS MISCONDUCT"
    * SOUGHT AND OBTAINED LEGAL OPINIONS FROM MORGAN LEWIS
STAMFORD
LLC IN MATTER
    * AMONG ACTIONS TAKEN, UNIT'S BOARD HAS BEEN DIRECTED TO
CONTACT
BANK

Source text for Eikon:  urn:newsml:reuters.com:*:nSNZ8yK0MZ
Further company coverage:  DRWT.SI 

 (Reuters.Briefs@thomsonreuters.com)