China Green - Another Fujian fubar

Delays annual results announcement - by not showing up for a prearranged meeting with the analysts (Auditors need more time). Follows up with a filing with the HKEX stating they don't know why the stock is crashing and burning.

Questions being raised about them overpaying for land leases in the Fujian province and being compared to Enron about how, except for 2009, overly consistent their past earnings have been. Stock was down 45% at one stage.

Their investors will be staring down the abyss...

New Filipino national monument

Gotta love the Filipinos...

Intel acquires McAfee..

McAfee shareholders are still rejoicing with this early Christmas present from Otellini - the book will be a bestseller, "How we head faked the idiots from Intel"

“(1) As if governed by Newton's First Law of Motion, an institution will resist any change in its current direction; (2) Just as work expands to fill available time, corporate projects or acquisitions will materialize to soak up available funds; (3) Any business craving of the leader, however foolish, will be quickly supported by detailed rate-of-return and strategic studies prepared by his troops; and (4) The behavior of peer companies, whether they are expanding, acquiring, setting executive compensation or whatever, will be mindlessly imitated. Institutional dynamics, not venality or stupidity, set businesses on these courses, which are too often misguided.” - Buffett

Chaoda'd again

Mr Ho never ceases to deliver (USD$350m capital raise)..

Chinese frauds making waves in NZ

The two men are close business associates. Mr Tang manages Mr Chen's charity, and also acts as a spokesman for Mr Chen, who is notoriously media shy.

Last month, it was revealed that Mr Tang may have misled the public about his qualifications.

The former head of Microsoft in China has claimed to have a PhD from the California Institute of Technology.

He has since admitted that is wrong, and that his PhD is from another American institute - which turns out to have been closed down for being an unregistered "diploma mill", which sold degrees.

Mr Tang, who has also been accused of falsely claiming to have registered two patents, responded to the scandal by telling the Beijing News: "Losers cheat some people and get caught. Winners cheat the whole world all the time."

Some honesty please...

China mobs Taizinai

So some asshole of a manager in China has raped company funds to pay off the officials, nurture his harem of mistresses, employ his moronic sons and generally make happy. What avenues do you have in recovering the cash? The judges/officials have been bought and are more likely to throw YOU into jail, the auditors are hiding, the manager has disappeared. In China, you buy and send in a mob....

"Its third-largest factory, in Huanggang, Hubei province, is being occupied by a 40-strong mob believed to be employed by a construction company Taizinai owes money to.

The invaders "have now occupied and taken control of the premises of Hubei TZN [Taizinai]", a circular to Taizinai's creditors sent by its liquidator, Borrelli Walsh, and seen by this newspaper said.

The occupiers were still in the factory, a person with direct knowledge of events confirmed.

The general manager of the factory was also detained by the mob for 11 days, the circular to creditors added. He was rescued by government officials "in recent days", the document dated June 2 said."