There is a magnificent irony in the existential misfortune of Phoslock Environmental Technologies. Its business is transforming human effluent into drinking water, but its management did the reverse to its reputation.

Phoslock had already confirmed in its long-delayed 2020 annual report, released in March this year, that forensic accountants had uncovered “potential misappropriation of funds”, the “falsification of invoices”, “undisclosed related-party transactions” and “payments to third parties where the ultimate beneficiary was unclear … or otherwise suspect” in its China division.