A shocking run for investors in water-treatment business Phoslock Technologies was capped on Monday by an admission that accounting irregularities at its Chinese operations are being investigated.
KPMG’s forensic accounting division will investigate suspected irregularities discovered during the audit process for the six months to June 30, 2020. The shares last closed at 24¢, before a September 17 trading halt, and are down 84 per cent over the past year.
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Tom Richardson writes and comments on markets including equities, debt, crypto, software, banking, payments, and regulation. He worked in asset management at Bank of New York Mellon and is a member of the CFA Society of the UK as a holder of the Investment Management Certificate. Connect with Tom on Twitter. Email Tom at tom.richardson@afr.com
