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