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Reply #27: Chaoda joins junk heap [View All]

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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-06-11 07:57 AM
Response to Reply #21
27. Chaoda joins junk heap

HONG KONG - The latest debt downgrade of Chaoda Modern Agriculture (Holdings), which bills itself as China's largest fruit and vegetable producer, further undermines confidence in Chinese companies and the strength of their corporate oversight.

The downgrade by Moody's Investors Service last week came amid claims Chaoda's top two executives had engaged in insider trading. The debt was downgraded by six notches to B3 "junk" status from investment grade Ba3 and the rating was placed on review for further possible downgrade.

Numerous mainland companies, many of them agricultural firms and many listed in America, are now involved in investigations

over alleged accounting irregularities and bad governance. In February, Li Hanchun, former chief executive of Hong Kong-listed China Forestry, was detained in the mainland for alleged embezzlement. China Forestry in May admitted its bank statements and harvesting records had been faked, while its accounts had gone missing.

Since then, more than 40 privately owned Chinese companies listed on US exchanges have acknowledged accounting problems or regulatory investigations.
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