Phoslock Technologies has admitted a KPMG investigation into its accounts has discovered fraud, falsified revenues, improper tax reporting and misappropriation of funds.
The bombshell findings are centred around the water treatment company's sales and operations in China, which have accounted for the majority of reported profits and sales.
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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
