Brief: Phoslock Environmental Technologies Confirms It Identified Fraudulent Activity At China Ops

Phoslock Environmental Technologies

12/11/2020 01:03

Nov 12 (Reuters) - Phoslock Environmental Technologies Ltd
 PET.AX :
    * MARKET UPDATE-PET.AX
    * CONSIDERING NEXT STEPS AFTER INVESTIGATION INTO ACCOUNTING
IRREGULARITIES RELATING TO CHINA OPERATIONS
    * COMMENCED COMPREHENSIVE & SYSTEMATIC REVIEW OF ALL CURRENT
CHINA
CONTRACTS AND CONTRACTUAL ARRANGEMENTS WITH THIRD PARTIES
    * CONFIRMS IT IDENTIFIED FRAUDULENT ACTIVITY RELATING TO
AREAS
INCLUDING FALSE ACCOUNTING & FALSIFICATION OF INVOICES & SERVICE
CONTRACTS
    * COMMENCED RESTRUCTURING OF ORGANISATION IN CHINA
    * COMMISSIONED INDEPENDENT MARKET REVIEW OF WATERWAYS
REMEDIATION
MARKET IN CHINA
    * ALL CO'S OPERATIONS & ASSETS OUTSIDE OF CHINA UNAFFECTED
BY
THESE MATTERS, INCLUDING SIGNIFICANT CASH RESERVES ON DEPOSIT IN
AUSTRALIA
    * CONTINUES TO INVESTIGATE & CONSIDER RIGHTS FOR PURSUING
LEGAL
ACTION AGAINST INDIVIDUALS, ENTITIES FOUND INVOLVED IN
FRAUDULENT ACTIVITY

Source text for Eikon:  ID:nASX6XyscR 
Further company coverage:  PET.AX 

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