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Baidu, Inc. Message Board

  • riterifff28 riterifff28 Feb 27, 2012 9:19 AM Flag

    Ernst& Young under extreme pressure

    Take, for example, SinoTech Energy Ltd., a Beijing-based company incorporated in the Cayman Islands in order to trade on the Nasdaq, according to federal records. In November 2010, it issued a $168 million initial public offering underwritten by investment banks UBS AG, Citigroup Global Markets and Lazard Capital Markets.

    The banks helped SinoTech with SEC filings, including the initial registration statement and prospectus. For its first annual report, SinoTech enlisted Ernst & Young, one of the world's "Big Four" accounting firms.

    SinoTech, billing itself as "a fast-growing and profitable provider of enhanced oil recovery" in the People's Republic, foresaw a bright future. By December 2010, it reported a quarter-to-quarter profit increase of more than 100 percent.

    Read more: Fraud allegations, delistings could cost American investors dearly - Pittsburgh Tribune-Review

    Ernst & Young is the fraud covering up the inconsistancies in Baidus' balance sheet!They under threat of being deregistered as a Chinese auditor due to their failure of turning over proper documents pertaining to not only Sino Forrest but Baidu as well!


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