Tuesday, February 7, 2023

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Phoslock Environmental Technologies: Continues probe of dubious China operations

  • Phoslock Environmental Technologies continues to dig through its China operations after accounting irregularities uncovered in September
  • Auditor KPMG has found false accounting and falsification of invoices and service contracts, as well as potential improper tax reporting and misappropriation of funds
  • Several more China-based employees wereeither stood down or terminated in relation to the irregularities
  • PET has also appointed a corporate finance consultant specialising in financial due diligence to its China bureau to assist in cleaning up its operations
  • The company has also signed a memorandum of understanding with a Thai distribution company for development work in Thailand
  • Phoslock Environmental Technologies shares remain suspended; they last traded for 24.5 cents on September 17

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