One phone call. €982,000

c'est vrai, quoi!

On that day, Areva's then chief executive Yves Lapierre received a phone call from a man posing as a police inspector in France. The "inspector", who spoke perfect, accent-free French, told Lapierre he was investigating a credit card scam involving an Areva employee.

He said Lapierre needed to transfer €982,000 (HK$10.4 million) to Golden Longon to help the French police track down the credit card ring in Hong Kong. He gained the executive's trust by citing information about Lapierre's whereabouts and the first digit of his credit card.

Lapierre became suspicious only after he approved the fund transfer. He asked Areva's security department to verify the identity of the caller, which it was unable to do. Lapierre resigned in February last year, citing personal reasons.

Longon,.. long gone.

Anonymous on Chaoda

Besides issues highlighted here before (lies, incessant fund raising, insider trades, auditors). New stuff on the bogus branding company they use, more detail on Mr Ho's fertilizer company which turns out to be a heap of shit (over 3 BILLION RMB turnover using only $2k worth of fixed assets).

And the SFC/HKEX? Too little too late.

report here:

Chaoda Down 26%. Suspended

Awaiting "price sensitive information".

Considering the drastic crash before the suspension, some bad news has leaked. This will either be permanent or some announcement of a desperate buyback attempt by the management to prop up the sandcastle.

Update... bye bye Chaoda.

"Sept. 26 (Bloomberg) -- Chaoda Modern Agriculture Holdings Ltd. plunged the most in eight-and-a-half years after the Hong Kong government accused it of market misconduct amid allegations the Chinese food producer overstated its land holdings."

Chinese IPOs to hit record in Germany

Paraphrasing the laws of themodynamics: shit will sink to the lowest level of the toilet bowl (unless it floated in which case it will be on the HKEX).

Spot the dichotomy:

"The listing requirements in Europe are less stringent than other overseas markets such as the US, as they are trying to attract high-quality companies amid the current debt crisis," said WeiWei, an analyst at West China Securities Co in Shanghai. "That's why we see a number of companies have gone to Europe for listing."

Pan Sino 0502.HK

A coffee trader in Jarkarta listed on the HKex casino. Lots of cash, trading below book, increasing revs and profits. Last traded at 0.58 with 0.40 in cash/share.

Only problem is fraud resulting in suspension of the shares in 2007. Now the HKex is going to delist it.

What enforcement actions are the SFC/Hkex taking? ... Yes, they're heading out for their 2 hour dim sim session.