Chiho Environmental Group Uncovers Financial Irregularities in Chinese Subsidiaries

Chiho Environmental Group Limited ( (HK:0976) ) has shared an announcement.

Chiho Environmental Group Limited has identified significant financial and operational irregularities within its non-wholly owned subsidiaries in China, specifically related to intra-group loans and unauthorized financial activities conducted by Yantai Liheng and other associated entities. The investigation revealed unapproved bank loans and forgery of company documents, leading to substantial financial losses. In response, Chiho Environmental Group is pursuing legal action to recover debts and address these irregularities, reflecting a critical impact on its financial stability and operational integrity.

More about Chiho Environmental Group Limited

Chiho Environmental Group Limited, incorporated in the Cayman Islands, operates in the environmental sector, focusing on the processing and sales of lubricating oil through its subsidiaries in China. The company’s market activities are primarily conducted under the management of its non-wholly owned subsidiary, Luxincheng Clean Energy Co., Ltd., and its three wholly-owned subsidiaries.

YTD Price Performance: 2.08%

Average Trading Volume: 1,223,295

Technical Sentiment Consensus Rating: Buy

Current Market Cap: HK$786.5M

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