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BRIEF-Phoslock Environmental Technologies Confirms It Identified Fraudulent Activity At China Ops

Published 12/11/2020, 12:03 pm
Updated 12/11/2020, 12:06 pm
© Reuters.

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

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