‘Anonymous’ Faction Publishes Report About Chinese Company’s Fraud

‘Anonymous’ Faction Publishes Report About Chinese Company’s Fraud

The group seeks to expose corporations who are involved in fraudulent activities

Emma Hutchings
  • 11 october 2011

A faction of the hacktivist group Anonymous, which aims to expose fraud on a corporate level, has published an investigative report about Chaoda Modern Agriculture, a leading grower of fruit and vegetables in China.

In the 38-page report, Anonymous Analytics alleges that Chaoda has committed “one of the Hong Kong exchange’s largest, and longest running frauds” and has duped investors and falsified financial statements.

Chaoda’s long history as a public company is mired in lies and corporate fraud. Under the cover of inflated capex spending and related party transactions, management has transferred more than US$400M out of Chaoda. In so doing, the Company has overstated its cash balance and falsified its financial statements. The CEO, with the support of the board of directors has invested in risky projects that have robbed shareholders of returns in order to line his own pockets. In an attempt to cover their egregious actions, management has paid a fraudulent company to provide Chaoda positive marketing exposure.

Anonymous Analytics state that the information presented in their reports is acquired through legal channels, fact-checked, and vetted thoroughly before release.

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