tiprankstipranks
Trending News
More News >
Advertisement
Advertisement

Ever Reach Auditor Resigns Amid Loan Controversy

Ever Reach Auditor Resigns Amid Loan Controversy

Ever Reach Group Holdings Co., Ltd. (HK:3616) has released an update.

Elevate Your Investing Strategy:

Ever Reach Group Holdings Co., Ltd. has announced the resignation of PricewaterhouseCoopers as their auditor effective from 9 August 2024, amidst issues related to the misuse of real estate development loans. The group had obtained loans for funding real estate projects, which were specifically to be used for said projects, but it appears that significant prepayments were made to a supplier not aligned with the registered main contractor. This has led to continued suspension of trading and concern amongst the shareholders.

For further insights into HK:3616 stock, check out TipRanks’ Stock Analysis page.

Disclaimer & DisclosureReport an Issue

Looking for investment ideas? Subscribe to our Smart Investor newsletter for weekly expert stock picks!
Get real-time notifications on news & analysis, curated for your stock watchlist. Download the TipRanks app today! Get the App
1