Indonesian cocoa trader Pan Sino listed on Hong Kong's Growth Enterprise Market (GEM) in December 2003, upgrading to the main board in March 2006. A year later, in March 2007, the company announced a change in auditor, citing disagreements on audit fees. In April, the company announced a delay in the publication of financials and its shares were suspended. This clearly took the market by surprise as its shares were close to an all-time high. In August, the company changed auditors once more which was shortly followed by the resignation of various independent directors. In December 2007, the company finally released FY06 financials although the auditors highlighted limitations with regards to inventories, receivables, construction in progress and material post balance sheet events. The auditors refused re-election. It seems that shortly thereafter the company went dark and was subsequently de-listed in September 2011. Its financials triggered our Fake Cash Flow Fraud model and it is most likely a fraud. 

Last updated February 2022

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