Business
Phoslock admits to accounting fraud – The Australian Financial Review
Shares in the water treatment company will remain suspended while KPMG completes an investigation into fraud it says is centred on its Chinese operations.
Shares in the former small-cap market darling traded above $1.46 in September last year after management reported a net profit of $1 million on revenue up 9 per cent to $10.2 million for the six months ending June 30, 2019.
The appearance of success was based almost solely on its Chinese connections, with $8.4 million, or 82 per cent, of reported revenue coming from China in the period.
On August 23, 2019 management forecast calendar 2019’s profit would double to between $6 million to $8 milli…
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