Tech challenges, severed related-party contracts cloud Hanergy’s outlook

Tue Aug 25, 2015 12:02am EDT

Tech challenges, severed contracts cloud Hanergy’s outlook

* HTF to publish H1 results on Aug. 28, said net loss likely

* HTF in need of new clients after severing links with parent

* Company is under investigation by Hong Kong market watchdog

By Umesh Desai

HONG KONG, Aug 25 (Reuters) – Hanergy Thin Film Power Group Ltd (HTF), which is being probed by Hong Kong regulators after its stock suddenly plunged, will have to convince shareholders about its outlook after it cut ties with its parent, which last year alone bought about two-thirds of its solar panel making equipment. Continue reading


Singapore-listed S i2i, which makes phone handsets and provides other services, finds accounting, stock problems at units; “There were also accounting matters identified relating to an inter-company transfer of asset”

Telco finds accounting, stock problems at units

A telecommunication company has found accounting discrepancies at one of its local units, including staff creating false evidence, and lapses regarding goods at an Indonesian unit.

S i2i, which makes phone handsets and provides other services, told the Singapore Exchange (SGX) yesterday that the problems had been detailed by consultants EY Advisory and BDO, which were engaged earlier this year after allegations surfaced.

EY Advisory focused on Singapore-based information technology firm Cavu Group, which was alleged to have “certain irregularities in the accounting records”. BDO looked at Selular Group in Indonesia, where certain quantities of cellphones marked as sold were supposedly not delivered. Continue reading