Manufacturing company China Sky’s shady transactions to be investigated

SGX ordered the company to appoint a Special Auditor to look into repairs and maintenance costs amounting to RMB72m or US$11.3m in 1Q09.

SGX also requested for the investigation on the purchase (and subsequent return) of the Fujian Land, the purchase of new production facilities, other major acquisitions and the interested person transactions conducted with its independent director.

China Sky Chemical Fibre announced that its Board will be meeting urgently to consider this directive and to make the necessary announcements as needed.

The nylon manufacturer has requested for a supsension in trading as of Thursday, 17 November 2011.

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