Last year I wrote about how Chinese firm,Wonder Auto Technology (NASDAQ: WATG), was going to restate its 2008 and 2009 annual reports. I quoted the following from its 8-K announcement:
Historically, the Company has disclosed in its Annual Report that “revenue from sales of its products is recognized when the significant risks and rewards of ownership have been transferred to the buyer at the time when the products are put into use by its customers, the sales price . . .
→ Read More: Where Are They Now? Wonder Auto Technology ($WATG)
It appears China has lost one of its billionaires. Dalian Shide Group Co. Ltd. has been unable to make contact with its Chairman, Xu Ming, since March 14, and now the banks are getting nervous:
The sudden disappearance of a self-made billionaire in the coastal city of Dalian has unnerved not only bank executives concerned about loans they made to his companies, but also government officials who have lent generous support to the expansion of his business empire.
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→ Read More: China’s Misplaced Billionaire