After Phoslock Technologies owned up to false accounting, falsification of invoices and contracts, improper tax reporting, and potential misappropriation of funds in an announcement to the market last week, its audit committee and Australian chief executive were quick to point the finger at their Chinese operations.

Shares in the company, which derives the vast majority of "sales" in China, have been suspended at 24.5 cents since September 17, after collapsing in value since 2019.