Chinese exec quits and soon after millions are missing from company account- PB/TK
Chinese firm: We’re missing $350M after exec’s disappearance – By Sherisse Pham / June 6 2017
The future is looking pretty sour for a major Chinese dairy firm.
China Huishan Dairy says it’s missing most of its cash — about $357 million — following the disappearance of a top finance executive.
The company, which says it runs more than 80 dairy farms, has been sinking deeper into crisis since its stock plunged 91% on a single day in March.
In a statement Monday, Huishan said its accounts suggested it should have 2.9 billion yuan ($426 million) in cash or cash equivalents. But its banks say it only has about 467 million yuan ($69 million), the vast majority of which is tied up in restricted deposits.
Continue to cnn.com article: http://money.cnn.com/2017/06/06/investing/huishan-dairy-china-missing-millions/index.html
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