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Xinyuan Real Estate Co., Ltd. Message Board

  • hmmm26 hmmm26 Sep 3, 2012 9:46 PM Flag

    I Can't Think of Why This Should be Important

    It just surprised me. Before now, I didn't know that Derek Palaschuk (the disgraced CFO of Longtop) and Tom Gurnee (CFO of XIN) had worked so closely together their entire careers.

    Side by side, their resumes are almost identical:

    1. SOHU. About 1998 through 2003-ish, Gurnee was CFO at SOHU; during that time, Palaschuk was his #2 and was named as his successor when Gurnee left.

    2. LONG. Beginning in March (Palaschuk) and November (Gurnee) of 2004, they both served on eLong's board of directors until Palaschuk took the CFO job there. Gurnee still serves on this board.

    3. Longtop. From Sept, '06 thru May '11, Palaschuk was Longtop's CFO. I don't know the exact date he started, but around that time, Gurnee also joined Longtop as a member of the Board of Directors and Chairman of its Audit Committee. Gurnee was with Longtop from '06 or '07 thru May '11, when Longtop was unmasked as a fraud.

    4. SEC. The SEC chose Gurnee and Palaschuk to be the two winners in the "Immunity in exchange for your testimony against everybody else" sweepstakes in the Longtop criminal proceedings, currently ongoing.

    Since Palaschuk is considered toxic like a nuclear dumping site and will probably never work in finance again, I'm guessing the fact that Gurnee's shared a close association with him in 3 different companies is a fact the market probably doesn't love.

    Mind you, this one doesn't bother me at all. I've always had esoteric friends that I wouldn't want to judged by.

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